What is the name of your state (only U.S. law)? FL
When I recently reviewed my grandmothers Sears account, I was surprised to learn she has been charged every month for the last two years for AccountCare which is an optional credit life designed to help people make their monthly payments if they become unemployed. The monthly fee is almost 1% of the outstanding balance. So a five thousand dollar balance will tack on an extra $50 a month ($600/yr) to the balance.
Although this insurance is now cancelled, it was a complete waste of her money, since this kind of insurance is worthless in her case. I believe she was the victim of aggressive and unethical sales tactics. It has been my own experience that I have expressly said No to such sales pitches, only to find the charge on my credit card, and I had to have it cancelled. While most folks might catch such a charge in their monthy statements, some will not.
I would strongly recommend at least asking anyone you know and care about who could be susceptible to abusive credit card practices to review their statements for any charges listed as "AccountCare" or any other recurring monthly charges that might be suspect. And that if they are paying these charges, they fully understand and are OK with it.
When I recently reviewed my grandmothers Sears account, I was surprised to learn she has been charged every month for the last two years for AccountCare which is an optional credit life designed to help people make their monthly payments if they become unemployed. The monthly fee is almost 1% of the outstanding balance. So a five thousand dollar balance will tack on an extra $50 a month ($600/yr) to the balance.
Although this insurance is now cancelled, it was a complete waste of her money, since this kind of insurance is worthless in her case. I believe she was the victim of aggressive and unethical sales tactics. It has been my own experience that I have expressly said No to such sales pitches, only to find the charge on my credit card, and I had to have it cancelled. While most folks might catch such a charge in their monthy statements, some will not.
I would strongly recommend at least asking anyone you know and care about who could be susceptible to abusive credit card practices to review their statements for any charges listed as "AccountCare" or any other recurring monthly charges that might be suspect. And that if they are paying these charges, they fully understand and are OK with it.