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Prepaid credit cards could avoid debt

Published: 01/03/2010

Consumers who are concerned over mounting debt worries from credit cards might be interested in a prepaid card, the Debt Advice Foundation has suggested.

Prepaid credit cards avoid overspending as the owner puts money onto the card in advance and cannot go over their limit.

David Rodger, managing director of the charity said: "Basically the customer gets all of the advantages of using a credit card, for example being able to pay for goods over the telephone or not needing to carry cash but without the risk or temptation of spending more money than they have.

"That's provided of course that they only load the card with money they have available and not money borrowed from elsewhere."

This may come as valuable advice to consumers as the UK recently recorded a £54 billion credit card debt.

According to Unbiased.co.uk the British public spend the first 50 days of earnings in 2010 paying off the interest on their debts.

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Last Updated: 11-02-2012