I predicted todays economic woes over two years ago, and I predicted it would be the credit card industry that would lead the way.
Disclaimer, this is not the actual Credit Protector site supported by the credit card companies.
This website has a "dash" between the name "credit" and "protector" and is designed to warn you about what I believe to be are huge flaws in the actual Credit Protector program.
If you wish to go directly to the credit protector site supported by the credit card companies, please removed the "-" that is located between the words "credit" and "protector" in the url address. If you are here because you want to hear an opposing viewpoint to Credit Protector, please read on.
After I saw my first statement with the Credit Protector charge added in, I realized that the Credit Protector program was not a good program. I assumed if I could notice what a rip-off the credit protector program was, others would to.
I imagined that the demise of Credit Protector would be swift, perhaps a story worthy of the evening news. Politicians would express outrage and an inquiry would take place to find out who could be capable of such deviousness camouflauged as credit card insurance protection.
I assumed that a consumer advocate with integrity, drive, and caring would bring this deceitful program to justice and smother it inside the nostrils of the ogres who created it. .....But that never happened.
...& More People were Harmed than Helped.
10-15 years later and Credit Protector is still around and probably as big if not bigger than it's ever been. As of Dec 03, 2007, I believe Credit Protector has robbed millions of americans of their own hard earned money.
I know I know what I know, and that is that Credit Protector takes in a LOT of MONEY and pays out VERY LITTLE MONEY to the very people it claims to be "protecting".
Just how unfair has Credit Protector been to the majority of americans who have signed up for this credit card "insurance" program?
This website will help explain what appears to be credit protection premiums that are too high compared to what the credit-protector program pays back in coverage.
It is possible that there are a porportionately scant few who may have benefited from Credit Protector, but that cannot justify the horrible ratio of revenue collected by the Credit Protector program versus what Credit Protector pays back to those same policy holders.
If you owe 10,000 dollars, your monthly credit protector fee could be as high as 74 dollars per month! But what did that 74 dollars per month really buy you? That is what you really need to evaluate and understand before committing to this program.