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Do I Need Credit Card Insurance
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If you're worried about getting laid off, the idea of credit card balance protection insurance, might give you some peace of mind. But experts say there are some of the pitfalls you could run into.
According to Credit.com, frequently these offers are credit card protection plans, not insurance. That means they're not state regulated. And credit protection plans are expensive, roughly one dollar per $100 dollars of your balance. Carry a $5,000 dollar balance and that's $50 dollars a month.
Since the plan will only cover your minimum payments, financial experts recommend putting the 50 bucks aside in a savings account so you can make payments if you face hardship. To find out if an insurance plan is regulated by the state, contact the Department of Financial Services.
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Ahorre May 15, 2009 10:12 AM