With inflation still causing an uptick in costs, many are looking for ways to get out of debt and trying to pinch pennies. Fraudsters are creating scams that prey on consumers' fear of overspending and debt, so it is important to be on the lookout for these predatory scams and to take measures to protect yourself.
Here are a few of common scams being used right now:
How it works: Under the Biden Administration, student loan forgiveness applications opened in 2022. As soon as the applications opened, scammers got to work. Student loan forgiveness scammers may set up a phony application website or even try to contact you by phone to collect your banking information and Social Security number. They will try to pressure you into "applying" before the aid runs out, or they might even charge you a fee to apply.