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Service Contracts: Deal or Steal?

Question: My son saved his money to buy an iPod. When it came time to pay, the salesperson strongly suggested a service contract. My son didn’t have enough money saved to buy the contract so I did. Are service contracts a good deal? Did I do the right thing?

Answer: Most consumer columnists feel service contracts are a waste of money unless you plan to use a product heavily. It’s often said that service contracts cost over the life span of the item are four to seven times as high as repair costs predicted by industry-wide standards…

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