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Credit Card Debt Is At Record Heights – What Are The Reasons?
Credit card debt has risen to record highs in recent times. Many accountancy firms and financial watchdogs have predicted a dramatic increase in the level of personal credit debt that is owed by each person in the country. More people than ever now owe significant amounts of money, maybe even as higher amounts than their annual income.
What Is Payment Protection Insurance (PPI)?
The insurance companies have designed a way to protect themselves against outstanding debt payments with a product called payment protection insurance. Banks and other credit providers sell this as an extra added service to a loan or overdraft product. It typically covers a debt for a person if they are unemployed, sick, or in the unfortunate occurrence of death. There are variations depending on the supplier.
