Credit card PPI - is it really worth it?

Bernard_Coleslaw

I'm desperately trying to reduce my credit card balances, but the PPI on each account means that it's painfully slow - a sizeable chunk of each month's payment seems to go on paying this off.

I'd like to cancel it, but I like the peace of mind it gives me. Am I deluding myself, however? Is it actually worth having, and if not, are there alternatives out there that would give me the same peace of mind?

Opinions, anyone?

Cheers

BC

PBA

It's definitely not worth it. If you want/need the cover, there are other companies who offer this and usually at a much better rate than a credit card/loan company would offer.

YorkshireBoy

See the Credit Card Protection Plans article.

muffle_2

You'll probably find that a more general unemployment/sickness cover policy will be significantly cheaper and will cover all your financial obligations. The PPI is really just another scam to increase their profits.

Littlemiss-lotsofdebt

I've just cancelled this on my 3 credit cards, and saved myself £75 a month which I can now use to bring the balances down. It makes me feel quite sick when I realise how much money I have wasted on this useless insurance!