Prepay Cards Comparison for Money Saving
As demand for help with financial debt looks likely to grow, find out how prepay cards can save you money when budgeting.
A new report published today claims that if there are increasing job losses next year, as many experts predict, more and more Brits will need debt help.
A new report from the University of Nottingham and the Money Advice Trust has found that despite the need for debt advice at a near all time high, more people could benefit from budgeting tips and online debt help.
“The last few years have required debt advice charities like ours to bring about a step change in our capacity, not just to help people out of their immediate debt problems, but also to help them back into financial health with longer term planning,” said Joanna Elson OBE, Chief Executive of the Money Advice Trust, which commissioned the research.
“Should unemployment rise next year to the extent that independent forecasters predict, together with potential interest rate rises, we will face further challenges in meeting new demand.”
One of the biggest causes of personal debt in the UK are credit cards. With enticing spending limits and minimum monthly repayments it is all too easy to rack up a high level of debt. But prepay cards can help save you money while also giving you the flexibility of a credit card.
Prepay Cards Comparison
A prepay credit card will aid budgeting by stopping you spending over a budgeted amount.
Prepay cards can be bought from banks and other retail shops for a small charge of which this is usually reimbursed once the user loads their first injection of cash onto the 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.