 TITLE: What Is a Payment Protection Plan? CONTENT: Payment Protection Plan Alternatives\n------------------------------------\nWhile these plans can be good for those who don't mind the fees and are able to qualify, you may be better off finding other ways to protect yourself financially. Here are a few options:\n*   **Focus on building up an emergency fund.** Make a habit of setting aside a little money each month into an emergency fund. Doing this can help you prepare for the unexpected and minimize the financial damage it'll cause. Your emergency fund should have enough in it to cover at least a few months' worth of expenses until you're able to get back on your feet.\n*   **Consider disability and life insurance.** These financial products exist to help you or your family financially after an accident, medical disability or death. While insurance may be more expensive than a payment protection plan, it offers protection far beyond just covering your credit card or loan balance. It may also be more reliable and easier to access.\n*   **Reach out to your lender.** If you're struggling to make your credit card or loan payments, whether you have a payment protection plan or not, call as soon as you can to let them know what's happening and see if they're willing to work with you. It's possible they'll give you some short-term leniency. END