PPI 'important for credit cards as well as loans'

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PPI 'important for credit cards as well as loans'

Wed 14th Nov 2007

Payment protection insurance (PPI) may be just as vital for credit cards as it is for loans, one expert has suggested.

Shane Craig, managing director of Paymentcare.co.uk, said that PPI for personal loans "is certainly the largest sector of the market", but added that protection for credit cards is also recommended.

"For people who tend to max up their credit cards, protection is just as important," he remarked.

"With credit cards being the most expensive way of borrowing money, the cumulative effects of not being able to make your repayments are punitive."

He explained that consumers may have "their own view of risk" and choose whether or not to buy PPI, but he also advised people that a major event such as a job loss or illness would be covered with PPI.

A total of 55.3 per cent of credit cards in Europe belong to Britons, according to Debt Help UK.

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