If you have a credit card, then it is likely that you were offered or took out payment protection on the card. Although many people take out this insurance, there are few people who can benefit from it, and often you are just wasting money by having it. However, there are people who can benefit from the insurance and should take it out. If you are unsure about whether or not you should get payment protection insurance, then here are some tips to help you decide.
What is Payment Protection Insurance?
Payment Protection Insurance, or PPI, is an insurance offered on credit cards or loans to cover your repayments should you not be able to make them. You are usually covered for unemployment, sickness and injury that prevent you from working. Your payments can be paid for anything up to 1 year, by which time your balance might well have been fully paid off.
Costs of PPI
Although PPI might sound like a good idea, it does cost quite a lot of money. It is usually charged as a percentage of your balance, meaning that when your balance is low you dont feel the cost. However, when your debt is high the amount can be large, but you might not notice it amongst all...
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