📢 In 2023 alone, Americans lost over $10 billion to fraud, including millions from debt relief scams (Source: ftc.gov). Now, with the CFPB on life support, those numbers are about to skyrocket.
With the CFPB cutting staff and senior enforcement officials resigning under the Trump administration, scammers are circling like sharks. Let’s be honest—if the CFPB goes dark, no one’s coming to save you but you.
🚨 The CFPB’s Role: Your Last Line of Defense Against Scams
The CFPB has recovered billions from scammers and predatory lenders. Without it, the floodgates for fraud are wide open.
⚠️ The Debt Relief Scam Surge: Who’s Coming to Get You
Expect an explosion of scams:
✅ Fake Debt Settlement Offers: Companies that vanish with your money.
✅ Pay-to-Play Loan Modifications: False promises of lower payments—for a fee.
✅ Credit Repair Cons: Overpriced services that accomplish nothing.
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
✅ IRS Debt Reduction Scams: Fraudsters claiming they can reduce or eliminate IRS debt—like this scam text I received: “The IRS is under scrutiny! Many have been overcharged… Call 1-888-261-0487.” Total scam—official agencies don’t reach out this way.
✅ Student Loan Forgiveness Scams: False offers to erase loans for upfront fees.
✅ Fake Debt Consolidation Loans: Bogus loans designed to steal your money.
🛑 Spotting Scams Before They Spot You – Quick Self-Check Quiz
Can you spot the scam? True or False:
- “Debt relief programs can eliminate your debt without reviewing your finances.” (False)
- “You should always pay upfront fees for loan modifications.” (False)
- “The IRS texts people about new programs.” (False)
🏛️ Can States Help? Don’t Count On It.
- Patchy Protection: Some states fight back; others don’t.
- Underfunded Resources: Most state agencies lack enforcement power.
- Cross-Border Scams: Scammers easily evade state laws.
💡 The Hard Truth: You Are Your Own Best Protection
- Stay Informed: Know the latest scams.
- Verify Claims: Too-good-to-be-true offers usually are.
- Control Emotions: Scammers prey on panic—pause, research, then act.
🛟 Who Can You Trust for Help?
Avoid quick-fix promises. Instead, reach out to experts. I recommend my friend, Damon Day, for real debt advice at DamonDay.com.
🚀 Final Thought:
Scammers win when you panic. But with knowledge, you can turn their game against them. Stay sharp. Stay safe. You’ve got this.
