Prepaid Credit Cards Can Help Beat Food Price Inflation
Figures released today show that food-price inflation increased sharply in November. But if you are looking to balance your budget better, find out how a prepaid credit card can help.
Official inflation figures show that there was a sharp increase in clothing and furniture prices in November, too, adding to the cost of everyday life for cash-strapped Brits.
With January’s VAT price rise set to add to the cost of all consumer purchases in the New Year, the need to balance the books of our personal finances is likely to be crucial, particularly with those who may already be in debt after the festive period.
Inflation has advanced from 3.2% to 3.3%. Food prices were almost 5% higher in November than they were a year ago. Bread & cereal prices were up over 5% year on year; fish prices were up almost 11% year on year and vegetable prices were up over 6% year on year.
The Alliance Trust claims that the 50-64 year old age group faces the highest rate of inflation, at 4.1%. This rate of inflation is 24% higher than the official rate and is largely due to the fact that this age group spends more of their disposable income on transport, where inflation remains relatively high, at over 5%.
Many of the main energy suppliers have also begun hiking prices from this month, too.
Prepaid Credit Cards
Aprepaid credit card could ensure you have money set aside for your bills, as it aids budgeting by preventing the user from spending more than they can afford.
Prepaid credit cards work by loading money onto them so that you can spend the money as you would use a credit card or store card.
There is no overdraft facility so the card user cannot get into debt, but it means the money in your bank account is left untouched for any direct debit bills which may come out of it.
To find the best deals it is always advisable to compare the market for the best prepaid credit card comparisons.