PPI is “just as important” for credit cards as for loans

Consumers should purchase Payment Protection Insurance (PPI) for their credit cards and not just loans, according to Paymentcare.co.uk

The company claims that it is especially vital for those who often spend up to the limit on their cards.

“With credit cards being the most expensive way of borrowing money, the cumulative effects of not being able to make your repayments are punitive,” said managing director of the company Shane Craig.

He said that “everyone has their own view of risk” but that unexpected circumstances such as job losses could lead to financial trouble if consumers do not protect themselves.

PPI can protect consumers if job losses, accidents or sickness mean they are unable to make repayments on their borrowings.

According to Debt Help there is five times the European average amount of credit cards in the UK and consumer debt rises by ten per cent annually.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *