Fonzy

I have balance protection on my Visa. (Insurance in case I die or get disabled the bill is covered) Its charged as a percentage of your outstanding balance. I orignally opted for this cause I didnt think I would use my Visa that much but being in school I seem to have accumulated a healthy amount. I was thinking to ditch the protection. Im 23, with no kids or wife. If something happened to me could the bank ask my parents to pay? They didnt co-sign anything. Anyone know?

Thanks
-Dan

BooLeaN

I highly doubt it but I'm not 100% sure. I'd call the place where you got your VISA and ask.

mugen1

^^^ I agree. Those buggers will do anything to recoup their money.

Even though you are single (stay that way - my advice), if something happens to you, it might come in handy. Especially if you have a large amount owing. BTW, how much, precentage wise are they charging?

[ April 14, 2005, 12:45 PM: Message edited by: mugen1 ]

loudtdi

iTrader: (1)

You are wasting your money.....drop the balance protection.....any financial planner would tell you the same.

Get 50K of life insurance, to start. This will allow you to be buried properly and pay off your visa balance.

mugen1

I keep forgetting about the days of being single and going to school. I've always had life insurance and pension through work, so have no worries. Yeah, without any kind of life insurance you will become a burden to your parents. A proper funeral is like very expensive. While we're at it...... get a will done up (if you haven't yet).

You are wise, loudtdi.

Mr. Marco

iTrader: (19)

Loudti is correct. you probaby opted for blance protection though a telemarketing effort... probably not the wisest, although it does have certain benefits. appropriate life insurance for the average 20 odd year old male can be had for less than $20 a month!
btw, VISA cannot get your parents or any other relative for the bill although they might try to morally persuade them.

take it from a banker!

Fonzy

Thanks everyone for the advice. To answer your question Mugen the balance protection is 1% but when every 20 bucks counts, it hurts. I was thinking to ditch the protection, ive never even thought about the life insurance. Thats a good idea. Do you banking gurus have any other advice for me? [img]graemlins/bow.gif[/img]

-Dan

loudtdi

iTrader: (1)

Here is some advice.....

-do not spend more than you make.

-If you live away from your parents, get some renters insurance. It would really suck to lose all your stuff.

- a vehicle is a terrible investment.....that being said, imports tend to have better resale value (not kia or hyundai)

mugen1

Very true, but a co-worker did the opposite. Spent to the point her family had to declare bankruptcy. She made it sound like it was no big deal.... went through a certain period with no credit and certain limitations. And here I am paying my taxes, working hard, playing by the rules, and........

She's the same one who leaves her front doors unlocked. When asked why, she says that's what we have insurance for... new furniture, new appliances, etc. Man, I hate people like her...... It's people like her we honest hard working people end up paying for in the end. Fixing their mistakes.... those people are selfish, plain and simple. Imagine what we as a nation could accomplish if we got rid of all the losers, lazy a$$es, and other burden to society types. We can instead spend our hard earned money helping those who really need it like the truly homeless and not the part-time posers.

I'll stop.......... sorry. I really lost it there.