{"id":10270,"date":"2022-10-15T14:23:15","date_gmt":"2022-10-15T14:23:15","guid":{"rendered":"https:\/\/loans.tiida-nissan.ru\/?p=10270"},"modified":"2022-12-08T18:40:56","modified_gmt":"2022-12-08T18:40:56","slug":"avoid-these-financial-tiktok-tips-if-you-want-to","status":"publish","type":"post","link":"https:\/\/loans.tiida-nissan.ru\/avoid-these-financial-tiktok-tips-if-you-want-to.html","title":{"rendered":"Avoid these financial TikTok tips if you want to save money"},"content":{"rendered":"

\"Avoid<\/div>\n<\/p>\n

Risky money advice is easy to find online – but social media makes it even easier to come across dangerous strategies that supposedly help you save money.<\/p>\n

With more than a third of Gen Zers Turn to TikTok for financial advice, and avoid tips that seem too good to be true. Following bad money advice can cost you more than just financially – in some cases, it could get you into legal trouble.<\/p>\n

We spoke with a lawyer and a credit counselor who saw firsthand what can happen when people listen to bad money advice on TikTok . Here are a few TikTok money tips that can get you into financial and legal trouble.<\/p>\n

Anyone can claim to be an "expert" on TikTok<\/h2>\n

Michelle Creeden and David A. Gelinas work for the National Legal Center, where they help people dealing with credit and debt problems. Creeden is an attorney licensed in New Hampshire and has experience with consumer and debtor rights. Gelinas has more than 20 years of experience in credit counseling, nonprofit debt management, and debt resolution.<\/p>\n

Both have helped customers who had the misfortune of following the wrong financial advice on TikTok.<\/p>\n

"There are a lot of people who will teach you things they don't fully understand," Creeden said. "I see a lot of clients who bring or send me links … and it's really just terrible advice from someone who may have known a little bit of information – 'just enough to be dangerous,' is how I describe it. "<\/p>\n

According to Gelinas, FinTokers tend to give a lot of general information. Such advice doesn't take into account the level of risk for the viewer or how dire their financial situation may be. It can also skip some important specifics.<\/p>\n

"It can easily get someone in trouble," he said.<\/p>\n

For example, one of Creeden's customers saw TikToks about the snowball debt repayment method. It's a popular strategy to get rid of credit card debt that suggests paying off the cards with the lowest balances first to stay motivated.<\/p>\n

Here's just one example of a TikTok from @thecreditbrothers about the snowball method:<\/p>\n

@thecreditbrothers<\/p>\n

The easiest way to pay off your credit card debt: The debt snowball method<\/p>\n

\u266c O-Ton – Credit Brothers <\/p>\n

The Creator said nothing wrong, and the debt payoff strategy works for many people. However, @thecreditbrothers, like many others on FinTok, fail to mention that you must continue to pay all of your other debts.<\/p>\n

"It's not clear to everyone," Creeden said. "If you follow a piece of information or advice without really understanding the entire scheme, it can really lead to problems. So I had it [a client] who decided to follow the advice to pay the smallest balance first. And here's how she stopped paying her taxes and student loans."<\/p>\n

This immediately led to problems. As a result, the person who simply tried the snowball method had to use Creeden's services.<\/p>\n

The same creator, @thecreditbrothers, shared another piece of advice on dealing with debt that is common on the platform:<\/p>\n

Another of Creeden's clients decided to give it a try.<\/p>\n

"They didn't have a plan for how to deal with the debt or minimize the risk," Creeden said. "Then they came to us after being sued for multiple debts. And they just didn't have a plan. Nothing."<\/p>\n

Creeden's client did not feel a plan was necessary. They just followed credit counseling on TikTok that seemed simple enough. However, according to Creeden, the advice was given without explaining the risks and resulted in a garnishment that Creeden had to help with.<\/p>\n

Legal advice on TikTok is particularly dangerous<\/h2>\n

It can be even more dangerous if TikToker give advice that interferes with the legal area.<\/p>\n

For example, this TikTok from @ksmithcredit talks about the time frame you have to respond to a debt collection lawsuit:<\/p>\n

Response windows vary by state, however, and the risks mentioned don't apply in all states. For example, wages are not garnished for collection cases in Texas, South Carolina and some other states.<\/p>\n

"It doesn't make sense to make people give answers in all situations and can cost money," Creeden said. "Filing fees can be high – $400 in some courts."<\/p>\n

This TikTok from @thedisputeher suggests that you remove your valid addresses from your Experian credit report:<\/p>\n

The idea is that the credit bureau will also remove negative accounts associated with those addresses. However, credit reporting agencies do not delete information that is accurate. And even if this "hack" works, you also risk losing the positive information associated with the removed addresses. So it could still end up hurting your credit score to follow this advice .<\/p>\n

TikTok creator @epiccreditscore offers legal advice in all states, though states have different laws.<\/p>\n

In this TikTok, the creator suggests using the defense of "statute of limitations" (referring to the time period in which a company must take legal action against you) when a collection agency sues you. This common legal tactic is common advice on TikTok, but it is also misleading.<\/p>\n

"It's true that [statute of limitations] is an important aspect," Gelinas said. "[But] it's not always that simple." According to him, it's best to have a prosecutor look into the case because it can often be very complicated.<\/p>\n

"I don't advise anyone outside of the area in which I can practice," Creeden said. "When people who are not lawyers do it in all states, they are more likely to give incorrect information."<\/p>\n

The consequences, she said, can be severe, affecting your wages and credit score.<\/p>\n

Here's how to find helpful TikTok money advice<\/h2>\n

Does this mean you should never come to TikTok and social media for financial advice? Not necessarily.<\/p>\n

Both Creeden and Gelinas agree that there are advantages to browsing money tips on FinTok. Creeden confirms that he enjoys using TikTok and finds some FinTokers incredibly positive and helpful: @travelcreditacceptance, for example, is someone she follows and appreciates.<\/p>\n

Plus, money advice wasn't as accessible before the days of financial influencers.<\/p>\n

"My generation didn't know much about credit or debt or … how to invest," Creeden said. "You know, these are things that we didn't talk about at all in school."<\/p>\n

Today, social media is changing. Teens can easily learn about these topics by scrolling on TikTok. You can learn important financial terms and understand the basics of money. All they need to do to keep their wallets safe is stay vigilant.<\/p>\n

There is no official body that monitors TikTok to verify that creators are providing valid financial advice. The Consumer Financial Protection Bureau will not prosecute FinTokers who offer inaccurate information. It's up to you to decide which advice to trust.<\/p>\n

Gelinas recommends being "very hardworking … and very demanding". If you find money advice on TikTok that you want to try, check it out against multiple sources. Educate yourself thoroughly on the subject before taking any steps. It's also a good idea to take a closer look at the creator. Are they a recognized expert in the field? What credentials do they have to prove it?<\/p>\n

Remember that personal finances are also always important personally. What works for others may not apply to your situation, especially if you have financial problems. If you find yourself in a crisis, it's best to contact a professional for help. You wouldn't (or at least shouldn't) go to TikTok for medical advice on a serious health problem. It's wise to treat your financial health the same way.<\/p>\n","protected":false},"excerpt":{"rendered":"

Risky money advice is easy to find online – but social media makes it even easier to come across dangerous<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nAvoid these financial TikTok tips if you want to save money - loans.tiida-nissan.ru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/loans.tiida-nissan.ru\/avoid-these-financial-tiktok-tips-if-you-want-to.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avoid these financial TikTok tips if you want to save money - loans.tiida-nissan.ru\" \/>\n<meta property=\"og:description\" content=\"Risky money advice is easy to find online – but social media makes it even easier to come across dangerous\" \/>\n<meta property=\"og:url\" content=\"https:\/\/loans.tiida-nissan.ru\/avoid-these-financial-tiktok-tips-if-you-want-to.html\" \/>\n<meta property=\"og:site_name\" content=\"loans.tiida-nissan.ru\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-15T14:23:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:40:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/loans.tiida-nissan.ru\/wp-content\/uploads\/sites\/664\/2022\/12\/vermeiden-sie-diese-17f2c59.jpg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/loans.tiida-nissan.ru\/avoid-these-financial-tiktok-tips-if-you-want-to.html\",\"url\":\"https:\/\/loans.tiida-nissan.ru\/avoid-these-financial-tiktok-tips-if-you-want-to.html\",\"name\":\"Avoid these financial TikTok tips if you want to save money - 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