The only thing more lacking than Americans' financial literacy rates is their…literacy rates. Schools aren't doing anything to prepare students for the ruthless realities of the financial system, and many parents aren't setting strong examples for their kids.
“Payday loan” is a synonym for “ultra-short-term loan,” unlike personal loans. These loans come with interest rates that make credit card companies look generous and hidden fees hidden behind more hidden fees.
It's tough to fathom, but a large segment of scammers have zero qualms about capitalizing on a hurricane, earthquake, or other disaster. They'll call unsuspecting targets (often senior citizens) posing as representatives of non-profits.
Scammers will promise unsuspecting suckers the job of their dreams (or at least a better job than McDonald's cashier), knowing countless Americans yearn for greener professional pastures. So you fill out your W-9 form complete with your Social Security number and other sensitive information, and your identity is no longer yours.
Lonely people come in all ages, and they're far easier to catfish from 5,000 miles away. Svetlana or Sven, that Eastern beauty or Swedish hunk you've been sending money to? I hate to tell you, but MTV would like to speak with you about being on a TV show.
Scammers will have you deposit a check, claim they sent you too much, have you send back the money, then (purposely) let the check bounce. At the end of the rouse, you've sent money to the scammer while receiving nothing.
Gaming companies have made a killing off of young people and addicts. Loot boxes, skins, and characters are among the ways the financially illiterate, irresponsible, and helpless blow their (and their parents) money in the digital world.