Prepaid Credit Cards
Okay, let’s face it–some of us are just not cut out for having credit cards. I know I’m not. When I get one in my hand, all I can think is “free money”. But, of course, it’s not free money…and that’s precisely the problem.
If you’re like me and struggle with using a credit card responsibly, a prepaid credit card might be the answer (at least until you are able to stay in control). With a prepaid credit card, you put money directly onto the card. As you spend, the money is deducted directly from your deposit–much like a debit card. This eliminates credit card bills and the danger of overspending. So, if you budget yourself, say, $300 a month for your credit card, you just put a $300 deposit onto the card at the beginning of each month. When it runs out, no more spending! If you get a promotion, you can always increase the amount you deposit.
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