Credit Protector Pays out VERY LITTLE money.

Please join my Credit Card Protest at

I predicted todays economic woes over two years ago, and I predicted it would be the credit card industry that would lead the way.

ALL insurance companies are supposed to responsibly consider the ratio of money that they will collect versus what they will pay out when setting their insurance rates. If a customer pays 1,354 dollars to receive the first years worth of Credit Protector coverage and the maximum coverage they probably will receive is 1,200 dollars, isn't insurance fraud being committed? It appears that the maximum that Credit Protector will pay out in the first year is LESS than what a customer pays in during that year for over 99% of those who sign up for the program.

Apparently it can take months to go through the process of filing a claim and actually being approved for a claim. Here is the crazy part, until the coverage is approved a customer can be fined for not making timely payments on the account! What about the all time it takes to file all the necessary paperwork, time that could be spent looking for work or rehabbing from an injury? What if one is physically unable to make the payment on time? It seems as if one would need to have a reserve fund in place to help out until Credit Protector FINALLY kicks in.

The ratio of what the credit card company takes in to the amount of money paid out may be even worse than what I am suggesting it might be. Imagine paying 25,000 dollars for one years automobile liability insurance just to insure a car that is valued at 20,000. Would not that insurance company be charged with insurance fraud? Either that or it's expected that the policyholder will get into more than one accident within that one years time, or will suffer a catastrophic accident.

  Credit Protector Fees CANNOT be Justified.

The actuarial tables that are being used to set the rates for Credit Protector are so far off I would like to know who established them. It is my opinion that the entity that set the rates for Credit Protector has probably done more harm financially to more Americans over the past several years than most terrorists could ever dream of doing.

How many manipulative "one on one" Credit Protector phone sale conversations go on on a daily basis in this country in which honest, hard working americans are tricked into signing up for this horrible program? I wonder what chain reaction of financial consequences this unethical and possibly illegal program has cost some americans. I pray the Credit Protector program is not being used in other parts of the world. Do you not want to see the Credit Protector program stopped, fixed, and a rebate payout made to EVERYONE who has signed up for the program in the past? I do.

If I am right and Credit Protector is the biggest financial scam ever hoisted on the American people than anyone with a large credit card debt that signed up for Credit Protector has been over paying by anywhere from 5 to 10 times more than what they should have been paying for their coverage. Maybe Credit Protector should be renamed Catastrophe protector, or Death Protector, because that is what it really is. Perhaps it could also be named, Stress Creator, for the additional financial stress it puts on those who don't understand how inequitable Credit Protector appears to be.