Pre Pay Credit Cards to Prevent Life-Long Debt
Young people fear they will never be able to pay back their debts, new research reveals. If you are struggling to manage your finances try using a pre pay credit card.
A survey conducted by MyVoucherCodes shows that around 89 percent of those aged between 18 -35 years old admit to owing money on a credit card, overdraft or loan.
Worryingly a third of Brits think their lives will continue to be riddled with debt for the foreseeable future and for 54 percent borrowing money is the only way to fund their desired lifestyle.
“When borrowing money from any source, how you are going to repay it should always be in the back of your mind,” warned Farhad Farhadi, MyVoucherCodes’ personal finance expert told The Telegraph Newspaper.
A further one in five think there may be a possibility their debts will be passed on to their children when they die.
Budget with a Pre Pay Credit Card
Of those that are in debt, over half admitted to not feeling in control of their finances, who have no way of planning how they will pay it back.
If you are finding it hard to repay your debts and cannot see light at the end of the tunnel try budgeting you income with the help of a prepaid card UK.
Make a plan of how much you think you can afford to put aside for repayment of your debts each month, and then work out how much you require for essentials such as food shopping and bills.
You can then load this money onto a prepaid card with the knowledge that the money you have set aside for repayment of debts will not be touched.
Furthermore, the card will not allow you to spend more than you loaded onto it so it is impossible to spend more than you can afford to.