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Four Useless or Costly Credit Card Add Ons

As if interest alone weren’t enough to drive up credit card debt, here are four other “services” offered by banks as an add-on meant to protect you.  As the following article points out, that these add ons can cost you as much as $50/month.  My favorite was payment protection.  Among the problems with this particular benefit was that it did not kick in for six months after a job loss.  If you have been unemployed for six months or more, your credit card bills are not (and should not) be your top concern.

http://www.foxbusiness.com/personal-finance/2012/07/18/four-useless-or-costly-credit-card-add-ons/ 

The article offers some good suggestions to lessen the need for these additional services, even suggesting offline do-it-yourself ways that are free!  Rather than throwing your hard-earned money towards these additional services, you could be using that money to pay down the principal on your credit card debt.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.