Brits Manage Money with Prepaid Cards

Published on 1 January 1970 by Raffick Marday

Latest research suggests consumers are taking greater control over their finances with national awareness of budgeting their money at an all time high.

According to a study by Lloyds TSB, 57 percent of British banking customers - 27 million people - are more confident about how they manage their money now than they have done previously.

If you are keen to get on top of your finances try using a prepaid card to help budget your salary each month.

One third of respondents were shown to be in more control than they were in previous years with a significant decline in national overdraft use.

Of those surveyed 52 percent had at some point used their overdraft in the past with 46 percent now claiming they use it a lot less now than in previous years.

A further 34 percent claim they have not touched their overdraft facility in at least one year.

“It’s great to see consumer’s increase appetite for managing their money and we will continue to work with our customers to help them take more control,” said Jatin Patel, Lloyds TSB spokesman.

The economic downturn has seen over six million consumers take control of their finances.

How can a prepaid card help?

To help manage your money a prepaid credit card is the perfect way to start as it prevents you from dipping into your overdraft.

A card can be purchased for a small price and anyone is eligible for it even if you have a bad credit history.

If you have worked out a monthly budget, or simply do not want to spend more than you earn, you can load this amount onto the card to use to make your everyday purchases in retailers or online.

The card does not have an overdraft facility so when you have used up all the funds it will not let you use what you do not have.

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