csaccac eNewsletter November 2010

Post date: Jan 13, 2011 8:48:35 PM

November 2010 MVP:Tracking Spending Habits & Getting Out Debt With Prepaid Visa and Master Cards

Throughout this series Tracking Spending Habits,one of the primary goals has been to educate assist and inform both disenfranchised and disable consumers between the ages of 17-45 the different alternatives to saving money and getting out debt.Unequivocally,Prepaid Visa and Master cards gives consumers and shoppers an alternative to saving money and taking control of their finances. In fact,numerous companies offer prepaid cards with the Visa and Master card logo to consumers and shoppers at little or no cost.Instead of using credit cards,consumers and shoppers have the choice of using prepaid debit cards allowing them to avoid high interst rates, late fee penalties, and over the limit fees. For many consumers and shoppers with less than fair credit using a prepaid debit card allows them to pay services without having to use cash. Prepaid cards allows consumers and shoppers to control spending limits. Plus,most prepaid cards allows consumer and shoppers to pay for gas at the pump,checkout online,patronize restaurants and utilize ATM's. Not surprisingly, many credit card companies took drastic action during the 2008 economic recession. In certain instances, a number of credit card companies reduced the lending

amount issued to consumers and shoppers. Although,in the past, I have had a penchant and proclivity to use credit cards to make purchases, truthfully,today, I utilize several prepaid cards to monitor my spending habits and assist in Getting Out Of Debt. So what's the difference between a credit card and a prepaid debit card? Generally,a credit card is issued to consumers and shoppers who are at least 18 or older. A credit card has a set amount of dollars already on the issued card.Currently,in the United States,consumers and shoppers have the choice of two type credit cards unsecure and secure. Unlike credit cards that have a set amount or spending limit, consumers and shoppers must "load" money on to the cards also prepaid debit cards have no spending limit only the one set by the consumer or shopper. Moverover,prepaid debit cards allow consumers and shoppers to access only the funds "loaded" on the card. Finally,What's Good About Prepaid Debit Cards? I frequently use prepaid debit cards and I have found that prepaid debit cards are good to use for a myraid of reasons .

· Consumers and shoppers set the spending limit

· Consumers and shoppers do not have to worry about over the limit fees

· Prepaid Debits do not have late fees

· Some Prepaid Debit Cards offer direct deposit and saving plans

· Certain Prepaid Debit cards help consumers and shoppers rebuild credit

To conclude, consumers and shoppers who are serious about Getting Out Of Debt opting for a prepaid debit card instead of a credit card ,certaintly,it's a start to repairing credit and rebuilding a positive credit history.