Credit Card Debt
Credit Cards: Consumer Costs for Debt Protection Products Can Be Substantial Relative to Benefits but Are Not a Focus of Regulatory Oversight.: An ... General Accounting Office Reports & Testimony [H] [T] [M]
Unavailable (Digital) Stonehenge International 2011-04-01
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Answers
Not exactly sure but you can find out at the FTC link below.
Consumer Credit and Debt Protection - 284804-1-DVD - House Energy and Commerce - 2009-03-24 - House Energy and Commerce Committee. Subcommittee on ...
They typically run .99 per $100 and the deal (supposedly) is that if after 90 days of coverage, the cardholder croaks, that they credit card amount owed is forgiven. In the case of elderly people in not the best of health and with large credit card debt ($5000+) is this a good idea?
You'd basically be paying $500 a year and betting that you're going to be keeping a high credit card balance and that you'd be likely to croak relatively soon.
Most of those plans have age limits. So, it's unlikely that they would be available to anyone older than 70 - btw what is your definition of "really old?" Just curious 'cause I'm over 50! LOL
In general, those credit card protection plans are ripoffs. It makes more financial sense to buy regular old term life insurance. Much less expensive, and it covers anything you want it to.
She met the means test since her hours were cut at work. She got her letter in the mail that her bankruptcy is now discharged and she no longer has to pay all this money back. What happens to all that debt?
The company she owes it to write it off as being irrecoverable.
We do that all the time at work, when a debt is over a certain age and it's not to huge, we just get rid of it. It exists after that as an entry on the write-off ledger, it's not forgotten but it is gone. If they show up later and decide to pay it (surprisingly, sometimes they do) we can write it back on and collect the money.
A debt that a person has when they are made bankrupt though is gone forever and can not be restored for collection, even if they show up with the money in their hand we can't take it as the debt legally no longer exists.
The other day Obama was saying that a lot of people DON'T KNOW that credit card companies are NOT their friends and that is why they rack up thousands of dollars in debt. When will Obama listen to his own advice and stop digging America into debt with his Chinese Credit Card?
THE LARGEST CREDIT CARD MARKET IS COLLEGE CAMPUSES
AND YES, THEY NEED PROTECTING FROM THE COMPANIES
I'm 21 + a single mom. I got a Chase credit card 2 years ago with a limit of $300. I used it up, but never went over my limit. I was enrolled in a payment protection plan with the card, I lost my job+called Chase right away, they said everything would be ok. I asked them to cancel it and I'd pay the balance asap. The next month, I get a bill for $380, not $300. I called them+ they clamied that interest, late fees+overdrawn fees would still be added. One thing happened, then another.
They sent it to collections, now claiming the balance is $1,085.04. I get a call today telling me that I frauded Chase+ it's a felony charge. He said if I don't call back by 6pm with $408, he will call district attorney's office + they will issue a warrant for my arrest. I know debt collectors try to scare ppl all the time, but I am worried. I can't find any info online. He said if I had made at least 1 pymnt, this wouldn't have happened. I have 45 mins, no check, no debit or credit, no money at all!
Yet you have a computer and access to the internet.
Get a job, pay your debt.
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Personal Finance> Mis-sold Payment Protection Insurance | Personal ...
Curbs on the sale of payment protection insurance proposed by the Competition Commission could result in more expensive loans , lenders have warned.
The policies cover debt repayments if a borrower cannot work because of accident, sickness or unemployment, but they have been widely mis-sold. To prevent the worst abuses, the Commission wants lenders to be prevented from contacting a customer about the insurance within 14 days of a credit agreement being signed. It also wants single-premium policies outlawed, and advertising made clearer.
Lenders gave warning that the proposed crackdown would force them to push up rates on loans because they would no longer be able to subsidise deals with profits earned from the insurance.
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