As the summer vacation was coming to an end, the issue of students who have been taken advantage of by pyramid selling schemes came up. Most students who take part in pyramid schemes are trying to earn money for tuition or to solve unemployment issues. Pyramid schemes lure students with the promise of high income. They require students to buy large quantities of merchandise before they can begin selling. Students are pressured into buying the merchandise. Students are often unable to sell enough of the merchandise they buy and as a result they are unable to pay back loans they take to buy the merchandise. In cases like these students can receive counseling through KAMCO (Korea Asset Management Corporation, 1588-3570) or CCRS (Credit Counselling & Recovery Service, 1600-5500).
If students suspect that they are being pressured by a pyramid scheme they should report it to the FTC (Fair Trade Commission). We need to become more aware of these kinds of scams. Tuition loans and unemployment worries are bad enough. We don’t need the additional burden of ruined credit because of unpaid loans.