Saturday, 27 June 2009

Prepaid Credit Cards – Your Answer to Avoiding Credit Card Debt

Many people nowadays have found it a necessity to use their credit cards to buy stuff. On the one hand, credit cards keep you from carrying lots of cash in your wallet and it’s much easier for you to pay for stuff at almost any store. In fact, some establishments partner with banks to give cardholders discounts when they pay with their card.

Unfortunately, credit cards are more of a bane than boon to many compulsive buyers. Shopaholics take their credit cards for granted and end up getting buried in large charges of interest in the long run. This is because holders don’t really get to track their expenses all the time. And since credit cards don’t put a limit on your transactions, you end up loaning more than you should. Even more unfortunate is the fact that this is a case that happens to more credit card holders than most.

But how do we enjoy the benefits of having something as convenient as a credit card but at the same time avoid credit card debt? It’s simple. One can use a prepaid credit card.
Prepaid credit cards work the same way as credit cards do – namely, you get to buy stuff with it – except that prepaid credit card holders are less likely susceptible to debt because it gives the holder the ability to control his buying capacity by simply depositing as much money as he intends the card to have.The banks are not big fans of prepaid credit cards (for obvious reasons ! like they don't get to charge you interest on them)

With prepaid credit cards, you can avoid credit card debt but at the same time enjoy all those benefits of having a credit card with you. You also keep control of your own cash flow. You never have to worry about spending too much – and suffering later – ever again. Its hard to find a decent bank and when you do , you can be sure they will charge you !
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