I suppose this story has more to do with the issues surrounding a free market and supply and demand than anything else. Otherwise how can you explain the reality it is cheaper to buy someone else’s credit card details than it is for a debt settlement company to pay for leads or new clients.
A report out by Panda Security reveled the current black market rates for stolen credit and debit card information.
Compare these rates versus what some debt settlement companies are paying for leads and new clients. Just yesterday the FTC reveled in it’s action against a debt settlement lead generator that the discount rate for leads was about in the $60 range. Other companies are offering to pay $500 to $2,000 for closed debt relief deals.
These black market cards are not just fake knockoffs. They come with the full personal details of the cardholder. – Source
Kind of crazy to think that identity theft is cheaper to get in to than debt debt sales isn’t it?
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Just shows the predatory nature of debt settlement business model that I continually warn consumers about. A free consultation most of the time means they are just trying to sell you a program so they can earn their 500 to 2000 dollar fee. It doesn’t really have much to do with helping you out of your financial situation.
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