Prepaid Debit Cards for the New Year

Published on 1 January 1970 by Raffick Marday

Cash-strapped Brits expect their finances to worsen in the New Year research reveals. Find out how a prepaid debit card could help you budget.

A third of people believe their financial security will become less certain over the next six months, the insolvency trade body R3 found in its quarterly survey.

This figure has increased by seven percent since the last quarter, while the number of people who believe their financial situation will improve over the next six months has fallen from 35 percent to just 22 percent.

“It is unsurprising that fewer people are feeling optimistic about their financial outlook,” said Steven Law, R3 President.

“With personal debt hitting record highs and job cuts looming, many people will be feeling vulnerable.”

The number concerned about their current level of debt has remained stable with 39 percent expressing concern.

Those in the West Midlands were shown to worry the most as half expressed concern about their debts compared to one in four in London.

Of this debt it is credit card debts which cause the most worry with 47 percent admitting to this, while 28 percent are concerned about how far into their overdraft they are.

Get out of your overdraft with a Prepaid Debit Card

If you are struggling with your credit card debt, have an overdraft which you cannot seem to get out of, or are concerned generally for your financial security into 2011 try using a prepaid money card.

Work out a budget first of all and then load this amount onto your pre pay credit card, any amount can be loaded onto it whenever you want and you can even transfer money online.

The card can be used to make purchases in shops around the country and it has a chip and PIN service to protect it from fraud so you know your money is protected.

Best of all, the card does not allow you to spend more than you loaded onto it so it prevents you from unknowingly overspending.

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