If you check your credit card bill carefully, you will notice that there is sometimes an optional extra charge there. You may have selected it and in that case it will cost you a set amount, or it may be that you have not selected it and in that case it will be zero. This payment protection insurance or PPI. Payment protection insurance has grown rapidly in the last couple of years and is now offered by virtually all credit card providers, on all of their products. It has had both praise and criticism, with one of the strongest criticisms being that it offers the customer no protection at all, and only protects the lender.
Payment protection insurance is an optional insurance cover that you can pay for. The cost will be added to your monthly credit card bill and will typically be assessed on the basis of your outstanding credit card balance. So, for example, the cost of the insurance might be five pence on every pound you owe on your credit card bill, so if you owed one hundred pounds, five pounds would be added to the bill as the cost of the payment protection insurance.
One of the fiercest criticisms of payment protection insurance is that it will not offer...
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