Tired of robocalls? The FTC just shut down Payless Solutions, a scam using illegal robocalls to lie about lowering your credit card interest rate.

Here’s the scam: A robocall – often from “Card Services” – says that you qualify for a special program to lower your credit card interest rate, save thousands of dollars, and pay off debts sooner. If you press a number, a representative might tell you they work for your bank or credit card company. They don’t. 

It gets worse. Next, they ask for your credit card information and Social Security number. Then, they charge $300 to $3499 for their interest rate reduction services – often without your permission. Most of the time, you don’t get a lower interest rate. And you lose your money.

The FTC and the Florida Attorney General filed a lawsuit to shut down this scam. Why? Payless lied about lowering interest rates, lied about working for consumers’ banks, and unfairly charged consumers’ credit cards without authorization. And those annoying robocalls? They violated the Do Not Call rules.

How can you guard against phone scams like this one? Here are some suggestions: 

  • If you get a robocall, hang up the phone. Don't press 1 to speak to an operator or any other key to take your number off the list. If you respond by pressing any number, it will probably just lead to more robocalls.
  • Keep your credit card, checking account, or Social Security numbers to yourself. Don't tell them to callers you don't know – even if they ask you to “confirm” this information. That's a trick.
  • Sign up for the Do Not Call Registry. If you’re on the registry and get a sales call, it’s a scam.
  • You can also sign up for a service to block robocalls, like nomorobo.com, which won the FTC’s 2013 Robocall Challenge.
  • Report your experience to the FTC online or by calling 1-888-382-1222.

Looking for ways to lower your interest rate and pay debts? Consumer.gov has tips on managing debt and using credit. For example: when comparing credit cards, don’t just look at interest rates. Also ask about the annual fee, other fees, and the grace period for late payments. Want more help? Check out the FTC’s advice about choosing a credit counseling service.