I know someone whom I suspect is defrauding credit card companies. How do I report them?

Question

I know someone whom I suspect is defrauding credit card companies. How do I report them?

Answer 1

Hi there,

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again. Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending! It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt. Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest. Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!

Hope that helps, but please let me know if you need any more info :)

Answer 2

Unless you have more than suspicions, there is really nothing to do.  If you do have some sort of evidence, contact the police and/or the credit card compay itself (assuming you know it).

As for Bob's suggestion:  it apparently does not occur to him that one of the reasons for large interest rates is fraud, as well as the willingness of too many people to run up huge cc debt and then just stop paying.  Your choice, Bob, is to stop using their money if you don't want to pay their charges.  Real simple.