Saturday, December 19th, 2009
Are credit card protection plans good for really really old people?
petra asked:
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?
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.
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December 19th, 2009 at 4:45 pm
Oh really old people shouldn’t have credit cards at all, No income to pay the dues . By that age you should be financially independent enough not to need one.