Finding investments that make money is only half the secret to successful investing. The other half is avoiding losers that put your money at risk. Here are six money "deals" you should walk away from.

• Credit card insurance: Forget about it! For about $40 or $50 a year, these folks promise to contact all your credit card issuers if your cards are stolen and to guard you against unauthorized billings. C'mon! You can call your credit card companies if necessary. And you're only responsible for a maximum of $50 of unauthorized charges.
• Credit life insurance: Money down the drain! Some credit card companies and mortgage lenders urge you to buy credit life insurance that will pay off your credit card of mortgage if you die or become disabled. "It's for your family's protection," they claim. If you have sufficient life insurance, this coverage is unnecessary.
• Credit repair: We've had lots of letters and calls about "credit repair" firms promising to remove negative credit information from your credit report for a few hundred (or a few thousand) dollars! Accurate information - whether it's good or bad - stays on your credit report for 7 years ... period! No amount of money can remove it!



If you have wrong information on your credit report, you can have it removed free of charge by contacting the credit bureau. Thanks to the Fair Credit Reporting Act, the credit bureau must begin an investigation and respond to you in 30 days.

• Property tax recovery and bi-weekly mortgage payment companies. Reducing your home property taxes and making bi-weekly mortgage payments (which shortens your mortgage and reduces your interest) are both good ideas. But, before you pay someone else for either of these services, consider doing it yourself ... it's not difficult.



Although we don't recommend it, if you do decide to pay someone else for these services, be cautious of companies who contact you through the mail or by phone. Call your bank to find a reputable bi-weekly payment company and look in the phone book under "Property Taxes" for a specialist.

• Skip-a-payment plans: Make-a-payment, instead! Creditors often give you the "opportunity" to skip a payment - usually around the holidays when you have so many other bills to pay. But remember, skipping a payment doesn't mean you skip the interest. Interest will accumulate and be waiting for you next month.
• Service contracts: Most cost way more than they're worth! How many times have you been pitched an extra warranty for your new DVD player or TV before you've even paid for it? These extended warranties, usually one to three years, can cost a couple hundred or more and claim to be less expensive than future repair costs. Wrong. The odds your new item will break in the first year are small, and most products come with 90-day warranties. If you bought a lemon, you'll probably know it by then.



For more on investment deals you should avoid, click here.