Prepaid Debit Cards to Help Pay off Debts

Published on 1 January 1970 by Raffick Marday

A recent survey reveals a large proportion of the population regret not taking longer term measures to stabilise their finances for the future.

The greatest regret in 2010 for 53 percent of UK adults is not paying off debts more quickly, first direct found, while 37 percent identified they had not started saving for retirement early enough.

A further 18 percent wished they had not spent so much in the run up to Christmas and 14 percent regret spending too much on a partner.

If you are keen to pay off your debts as quickly as possible try using a prepaid debit card to help you budget your money.

“Ensuring that you plan ahead with your finances is extremely important,” said Richard Brown, first direct’s senior savings product manager.

“The New Year is the ideal time to reflect on your financial habits and change these for the better.”

When the respondents were asked which areas of their finances they are most unhappy with 82 percent admitted they are most worried about the level of debt on their credit cards and loans. Three quarters claimed they are also not happy with their savings pot.

The survey revealed the population are unhappy with most aspects of their financial situation as 74 percent said they are unhappy with their general saving provisions, and 60 percent with their general spending habits.

Prepaid Debit Cards

If you are unhappy with your current level of spending and would rather cut back so you could tuck more away for long term savings, try using a prepaid debit card to help you budget.

Unlike a credit or debit card a prepaid one does not allow the user to overspend on the amount they loaded onto the card.

This enables them to retain greater control over how much they spend and prevents them from getting overdrawn unknowingly, or without readjusting their budget.

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