Lets Blame the Consumer
Please join my Credit Card Protest at DAILY-PROTEST.com
I predicted todays economic woes over two years ago, and I predicted it would be the credit card industry that would lead the way.
The devils advocate would say, "but no one puts a gun to the head of those who sign up for Credit Protector" so "buyer beware". I have researched the responses of people who have no sympathy or empathy. The flaw I see in their position is they simply believe that no matter what interest rate is charged by the bank, it's up to the consumer to not borrow money. It's as if the banks have no responsibility to be even remotely fair.
I consider people who take this position to be heartless, arrogant sociopaths IF they believe the banks should have no accountability. Civilization DEMANDS respect for people in uniforms and suits. When those suits and uniforms create policies that steal from people, something needs to be done. In this instance, it's the suits that are to blame for not following even a modicum of decency and fairness when it comes to the pricing structure for Credit Protector.
Credit Protector is such a financial pot of gold for the financial services industry that if you own credit cards and have debt, you probably have been called and asked to join Credit Protector, and you probably get called a lot. I used to get called weekly, sometimes two and three times a week by the Credit Protector people.
Credit Protector has quite possibly hurt the telemarketing sales industry by calling the same homes so many times that it motivated people to sign up for the do not call list. I for one signed up for the Do Not Call List specifically because of all the calls that Credit Protector was making to my residence. Is that fair to the other phone sales companies that play by the rules and don't overcall customers? They lose their customer base because of the base greed of the Credit Protector armada of phone callers who call over and over and literally force people to sign up for the Do Not Call List.
The Banks are addicted to Credit Protector Profits.
I have a big problem with the name "Credit Protector". If someone does not want to sign up for Credit Protector, the telephone solicitor can prey on the customers insecurities by saying, "Oh, you DON'T want to protect your credit?" This tactic can make one feel guilty, no? In addition, Credit Protector offers remedial enticements such as a gas coupon, or a check, both of which pale in comparision to the financial obligation that will be incurred if someone already has significant debt and chooses to sign up for Credit Protector.
Perhaps someone suffers an injury and they can no longer work, or they die (and are head of the household), does that make the program worthwhile? It might. However what Credit Protector charges all of its customers versus the amount that Credit Protector pays is not fairly balanced in my opinion. Maybe somebody should be charged for creating such an inequitable program.
Unexpected death or a truly incapacitating injury might trigger the primary benefits of Credit Protector but doesn't that mean that the Credit Protector policy is really more of a catastrophic injury or death benefits policy versus a credit protection policy? If somebody has to be severly injured or die to get the full benefit of Credit Protector, is it really your credit that is being protected, or is the the banks investment in your debt that is being "protected"?
What kind of penalty is there for misidentifying an insurance program?