MInTheGap

As many of you know, I am credit card free.  There are many reasons why you too should go this way.  I know that many of you keep credit cards for emergencies– and that is exactly the time that you should not use a credit card.

One of the ways that credit companies attempt to convince you of the security of your credit card is that you can pay extra each month for insurance in case you cannot make the payments.  It’s a great promise, with a high fee.

Except that payment protection insurance is failing many that need it most: it’s actually adding to their debts instead of helping them during the hard times.

Many people have have signed up for payment protection have been Missold PPI.  They believe it will be there to help them, but what it has only done is served to make more money for the lender.

Now, if you’ve have been missold, then there is the possibility that you may be able to claim back payments– and you rightfully should.  However, my best advice would be to not go for these protection plans in the first place (don’t go with credit!) for just like insurance on things you purchase in the electronics store they know the odds that the item will break, or that you will fall on tough times.

And really, do you want someone that will take your money and charge you interest when you need it most?

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