Family Health Insurance

Beware the Shopping Mall Monster

• Buy now, pay within the next three months. Sure...great deal if you do actually manage to pay it off within that time. If not, some stores will charge you interest from the first day you bought!
  
  
• Ask questions: In a recent study, it was found that in one third of cases, information on the interest rate on the card (among other things) was not freely available.
  
  
• Don’t be tempted to take out expensive and often useless insurance. This can be a monthly amount of 1.5%. With interest repayments of 30%, you could end up with an annual rate of 56%!
  
  
• Also, steer clear of any payment protection insurance scheme. If you were to lose your job or couldn’t work due to illness or accident, you’ll find that this ‘insurance’ generally only pays the minimum monthly payment, not the whole balance!
  
  
• Be on your guard. Staff will usually ask you to fill in the application form in store. In many cases the insurance box will already have been ticked and you will simply be asked to sign up for insurance.
  
  
• Study the terms and conditions carefully in the store. Staff have been known to refuse customers to take away the form.