Daily Money Tip: Beware of Pay-to-Bid Auction Sites

There has been a recent increase in the number of pay-to-bid sites available out there. Some of these site include: Quibids or BidRack and the way they work is that you pay for any bids you place in an auction. These sites had never popped into my radar until I started seeing online ads with people boasting of winning MacBooks in auction for $25, etc. What these ads fail to tell you is how much money these people spent paying for the bids they placed.

If you ever considered looking at these sites, I urge you to read this deeper look into how these sites work from the Simple Dollar.

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