Canadian Broadcasting Corporation

Credit Card insurance is a scam! We are getting raped.

Everyone's pinching pennies in these tight times — so now might be a good time to double-check your credit card bill for any unexpected charges.

You might find you're paying for something known as "credit balance insurance." Depending on your credit card, it could be called "BalanceProtector" or "Account Protector," but the idea is the same: for a fee, credit balance insurance promises to cover your monthly minimum credit card payments in case of loss of income to due job loss or extreme illness.

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