Prepaid Cards UK to Aid Budgeting for Indebted Brits

Published on 1 January 1970 by Raffick Marday

Personal insolvency figures continue to show a decline, new figures reveal, following the upward trend over the last ten years.

According to The Insolvency Service the number of personal insolvencies peaked in 2009 over the last 20 years, highlighting the need for the nation to manage their money better.

If you are struggling to prevent getting overdrawn each month try using a prepaid card UK to help you budget your income.

“Although personal insolvency levels are no longer rising, they remain stubbornly high, reflecting the high levels of personal debt that persists across the country,” said Stephen Speed, The Insolvency Service chief executive.

The research revealed Britain’s pensioners are the fastest growing group of bankrupts in the UK as the number of individuals over the age of 65 being made bankrupt has increased six times in a decade - this is 50 percent faster than the other age groups.

Men make up the majority of bankrupts with 60 percent in total being male in 2009, although the number of women becoming so is increasing.

“Post Christmas is a stressful time for many people who are struggling with their debts,” commented Teresa Perchard, Citizens Advice policy director.

Benefits of a Prepaid Card UK

Sometimes after an expensive month it can take longer than you expected to get back into the plus with winter bills mounting up.

If you use a prepaid credit card instead of y our usual credit card to spend your money you can be sure you will not overspend on your allocated budget.

The first steps to becoming bogged down in debt can start with only small financial problems so make sure you manage your money from the start.

A prepaid credit card does not have an overdraft facility so you can only spend the funds you loaded onto it and not more.

Newsletter

Receive updates direct
to your inbox..

Copyright 2017 :: Compare Prepaid :: All Rights Reserved 27D Bruce Street, Dunfermline, Fife KY12 7AG. +44 (0) 843 886 9544 - Email Us