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.

Have a topic you would like address in the Daily Money Tip? Send me an email with your burning question. Read previous Money Tips here.

Thank you for reading the Daily Money Tip: Money Management for the Time Deprived.