Swindled Through the Cheating Instrument Known as the Credit Insurance

My recent experience with credit card companies has totally left me disenchanted with everything related to banks and credit card providers. Fortunately, I have a lawyer friend who made me aware of my folly before I could damage my long term financial stability. The following is my story.

I get a call one day from the bank promoting the idea of credit card insurance to me which was so attractive that I almost jumped at it instantly. However, sense prevailed when I thought that it sounded too good to be true. Hence, listening to my inner call of caution, I brushed off the telecaller.

Another 10 calls, excessive persuasion and loads of promises later I opted to go for the deal that I liked from the beginning. The idea of the credit card insurance was that I would be giving them premium per month and in case I got disabled or unemployed they would pay off my balance.

Sounds quite nice, doesn’t it? The catch was the fine print. When I did lose my job after taking a loan out for the new car, the company blatantly refused to honor any commitments. My financial back broken and no prospect of an income for the next month, I was left quite devastated.

I went to a professional lawyer for advice and was promptly told that I did not have a case. Apparently the fine print of the credit card insurance, which I never got to see by the way, included particular instances in which case the company would honor the deal but my situation was not covered.

Thankfully I did bail myself out with a new job, but I also decided to educate other people of such scams. It is alright for you to have a credit card if you are aware of the particular terms and conditions but it is downright foolhardy for you to go for credit card insurance.