SENIORS BEWARE!

I’ve been scammed. No, not recently; it’s been going on for a few years and I am pissed!

Through some pretty slick sales pitches, I bought into the credit card payment protection plan for two different cards. Even though I have not been living under a rock, I just recently found out that if you are elderly, retired or disabled, these plans are worthless. I believe there is one class action suit in progress against one credit card company that I know of and there should be suits against all of them if you ask me.

These plans are based on a percentage of the credit card balance owed and are tacked onto your bill each month right next door to the inflated interest charges plus any other add-ons you may have fallen prey to.

Recently, one card company raised my interest rate and could not give me a satisfactory reason for the increase. I have never been late and always pay more than the minimum payment.

The second card company lowered my credit line by $300 and could not give me a satisfactory reason why (the same payment habit as stated above also applies here). But they both sure love taking my money for worthless protection plans.

Taking advantage of the elderly, retired or disabled is the lowest form of abuse I can think of besides physical cruelty and these companies should be ashamed. But, being ashamed is not lining their pockets.

So folks, first thing tomorrow morning, I am canceling the Payment Protection Plans (ha, ha) on both cards. I’ll let you know what adverse effect it has on my credit rating and credit card interest and/or lines of credit.

If there is any adverse reaction, I know of a lawyer who specializes in credit card issuer fraud. I’ll not be left holding the bag for someone else’s selfishness again!