CardMember Services — balance transfer/0% interest
Automated call today from what came up a local number (the big city I live near). Recorded voice said I could transfer current credit card debt to a 0% balance. I pushed a "9" to talk to a rep--I've gotten balance transfer offers in the past with a teaser rate of 0%, so I figured this is one of them. I asked how long the rate lasts. The woman said "until the debt is paid." I asked how they were making their money. She said something along the lines of "we work with your creditors to lower your debt by up to 55%." She wanted to know my total debt and how many cards. I asked a few more questions, but she said her job was just to "make sure I qualified" to speak to a "consultant." I should have known better, but I was foolish enough to give her the balance and last 4 digits of one of my credit cards, but when she asked me for the zip code, I realized this was probably a scam. I wanted to do a web search about them, so I asked "can I call you back?"
She hung up. Don't be foolish! If you need debt consolidation, there are reputable credit advisors who can negotiate on your behalf to freeze your accounts and reduce your interest rate and establish a single monthly payment. These are non-profit outfits. If you need more advice, contact your state's consumer protection agency.