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In the 1990s, credit card companies incurred heavy losses because of many credit card users defaulted on their payments. Thus, credit card companies had to come up with a new way to collect debts. It was during this period that credit card companies began offering secured credit cards and prepaid debit cards. Today, most credit card companies such as Visa, Mastercard and American Express issue prepaid debit cards.
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Credit cards are a part of daily life these days. Having established credit is very important for many reasons from getting financed to getting a job. Prepaid credit cards are a way for someone who can not get a traditional credit card to build credit. There are some pros and cons to prepaid credit cards, so shopping around and being informed is important when getting one. A prepaid credit card will help build credit without the risk of falling into debt and hurting credit even further.
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Consumers today are up to their eyeballs in debt. And many people don't realize it until their good credit has been devastated.
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Our buying power today is based predominately on our credit rating. This is even more true today with the advent of computers and instant credit reports from companies such as Equifax and Transunion. It is virtually impossible to do business without a credit card, especially online where nearly every purchase requires a credit card.
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Do you have bad credit, or do you want to avoid the possibility of going into debt? If so, you might want to consider getting a prepaid credit card, which is a re-loadable card that can be used anywhere a traditional credit card is used. It has its own built-in spending limit based on the amount you choose to load to it.
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There are times when parents would go ballistic when they get their teenage kids credit card bills. Giving someone without financial control over their lives a credit card is like opening up a toy store or a candy store to a kid. Unless you want to have a bad credit rating, get yourself a prepaid credit card instead.
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If your credit is poor or severely damaged then you are fully aware of how difficult it can be to obtain a credit card, even one that is secured. You also know that in this day and age it is a necessity to have one. Do not worry. There is a solution to this problem.
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Prepaid cards (or stored-value cards) have been popular in the US for several years. They are used as payroll cards as well as gift, travel and benefits cards. Cards are now expanding throughout the Europe, growth of prepaid cards is estimated to be over 100% a year for the through 2011, with predictions of 2.3 billion prepaid card transactions.
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I love the concept of the prepaid credit card. If you ask me, it's a great thing for people who can't stop spending. The functionality of a prepaid card is really quite simple. Here is a credit card that has a limit on how much you can use it. Once you load up your card, it will be good anywhere the brand is accepted. Each purchase will deduct from the overall total until you finally run the card out. Some prepaids are able to be reloaded, but others will just be used up.
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Prepaid credit cards have been around for over ten years now, although they are just now coming into the spotlight. Prepaid credit cards are basically credit cards backed by major credit card companies that offer you the ability to deposit money onto the card and then use it for purchases. You are not allowed to spend anything more than you have deposited in most cases. It is a great way to teach students good financial responsibility. There are a lot of advantages to prepaid credit cards, and only a few disadvantages. However, before committing to any prepaid credit cards, you should be clear on the company's rules and fees.
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