Archive for October, 2009

Don’t Let the Recession Get You Down, Get Creative with Your Income: Prepaid Debit Cards & Other Tips

Sunday, October 25th, 2009
Michael Griffin recently asked:


This recession has everyone watching their finances very carefully. During a time when the stability of your job and income can be potentially wavering, it is wise to start paying attention to things you may have overlooked in the past. Whether you’ve lost your job, are on unemployment, or are concerned about the welfare of your family, there are some rather simple precautions you can take to ensure a greater amount of financial stability during this economic downturn. Outlined below are just a few (of several) preventative measures you can take.

Plan Ahead:

By now, we are all well aware that it is time to safeguard our money whether we’ve lost our jobs or not. Things are incredibly unpredictable during a recession and you should not fully trust your current source of income. Don’t put all your eggs in one basket so to speak. Consider taking a day or two and begin plotting a financial schedule/budget. Start with a list of your “required” items and then continue on with “wants,” etc. Most people don’t realize how clear things become once they are in writing. Start a budget and stick to it. Only buy necessities and begin saving, whether you need to at that moment or not. Think about putting your extra funds on a prepaid debit card instead of into your bank account, that way you can keep your funds separate and available during necessary times. Additionally, if you don’t have a bank account due to bad credit or other reasons, prepaid cards are a great investment, as they don’t come with any of the additional fees associated with bank accounts.

Shop Smart & Make the Most of What You Have

If you haven’t started clipping coupons or looking them up online, it’s time to start. Instead of going through your local newspaper for cut outs, just simply go online and search for anything you need a coupon for, i.e. “Charmin toilet paper coupons.” You will be amazed the savings that come from spending just a few minutes before each shopping trip to search for coupons. Also, many online stores don’t have brick and mortar locations but offer great savings. Websites are also getting hit hard by this recession with consumer spending being down and are offering free shipping, buy 1 get 1 free, and percentages off online purchases. These may be discounts not available through coupons or at your local store, so take advantage of them and search wisely. Consider designating a budget for online purchases and place that money on a prepaid debit card. With a prepaid card you can make purchases online safely and securely, and you can even use PayPal when needed. In addition to shopping wisely, make the most of what you have. Save leftovers for later or to make into other meals, tailor clothes at home to fit the season, or even watch your favorite TV shows and movies online instead of paying extra for them on your cable bill.

Consider Alternative Sources of Income

If you’ve lost your job or are worried about losing your job, start thinking about alternative ways to secure an income. Think about having a garage sell or selling some items on eBay. Additionally, there are stores like Buffalo Exchange or other resale stores that pay good money for old clothes, shoes, accessories, and furniture. Also, there are several ways to obtain a somewhat steady income online. You can blog on sites to review products and get paid quite decently for each post. You can also answer surveys online for money or even become a mystery shopper. When your customary source of income is no longer available, it’s time to get creative.

While this list is in no way an exhaustive list of options for money management during this recession, they are a good place to start. Start thinking outside the box and you’ll be amazed at what you come up with. It’s extraordinary the amount of money you can save when you put your mind to it. Good luck!



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How Prepaid Cards Help Your Budget

Wednesday, October 21st, 2009
Tom Tessin recently asked:


Today with the economy being the way it is and many people losing their jobs it is very important to maintain a strict budget. Your budget can keep you from starving at times and be very vital in keeping your payments in order. The prepaid credit card is great in the fact that you deposit your money into an account that keeps track of all your expenditures. The credit card company will send you a monthly statement helping you to maintain your budget and your credit score. It is very important that you keep all your payments on the card in a timely manner. The budget is vital in order to keep all your other payments in tact in a timely manner and up to date.

You only need to open up a savings account that will hold your money that helps to cover any expenses you make from your prepaid credit card. The prepaid credit card is also referred to as a secured credit card. Many times consumers prefer this method to have their pay check deposited in the savings account so that their limit can be maintained at all times. It is essential that you use your credit card with respect neither over spending nor making late payments. The prepaid credit card is great for anyone who needs to make reservations at hotels, airlines or restaurants because most of those places will not hold a reservation unless a credit card number is issued. The managers know with a credit card they are more likely to get payment or at least an advance cancellation if need be. If you do not have a credit card a prepaid card will do very well for reservations.

The thing that I like the most about a prepaid card is that you’re able to control your spending and this is great for those that think they can’t manage a regular credit card or they simply don’t want to spend above their head and that’s okay! I’ve used one of these cards in the past and while they reap a lot of benefits, there are some things that you have to look out for such as fees. Fees are a big player when it comes to these cards and that’s why I always recommend you look at this while exploring for a particular card. With a lot of cards on the market, there are some that carry no fees at all.

When I used my card, I used a certain technique that would control my spending. I would put a deposit on my card at the beginning of each month. Let’s say I wanted to spend $400 the whole month and this was my spending budget. I would put this on the card and once it was gone, I wouldn’t have any more money to spend. It was safe to carry around since it was on a credit card and I knew I wouldn’t go into debt because I wouldn’t spend over my head.



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Advantages And Disadvantages Of A Prepaid Card

Friday, October 16th, 2009
Peter Kenny recently asked:


Prepaid cards are one of the newest and most interesting financial products on the market, and they are something that everyone should be made aware of. However, many people do not know what prepaid cards are, and how they can benefit you. If you want to know more about prepaid cards, then here is some advice about their advantages and disadvantages.

What does prepaid mean?

Many of us have prepaid phone cards or SIM cards for our mobiles, but prepaid debit cards are quite a new idea. However, the concept is the same as other prepaid mediums, where you load money onto a card and then you can spend this money at retailers or withdraw the money at an ATM. You load money onto the card using cash, bank transfer or another card.

Are they credit or debit cards?

Prepaid cards are neither credit nor debit cards, but have features similar to both. These are VISA or MasterCard cards usually, and so have the wide usage and security features of a credit card. However, you are not borrowing money, simply using your own money to top up a card and spend on it. They are a financial product that falls in between debit and credit cards.

What are the advantages?

The major advantage of a prepaid card is that you can easily keep track of your spending and limit yourself to a certain level of spending each month. Also, you don’t have to pay interest and don’t have to go through credit checks to get one. All of the funds on the card are completely controlled by the amount of money you wish to put on it. This means there is no risk of borrowing too much and getting into debt.

Who should get a prepaid card?

Prepaid cards can be useful for anyone who wants to control their spending but still have the security and usage features of a credit card. Also, prepaid cards can be very useful for teenagers or children if they need a card. As a parent you can control their spending by only putting on a certain amount each week or month for them to spend, whilst still giving them the freedom and security to purchase items using plastic.

The costs of a prepaid card

Although prepaid cards have many advantages, they can cost you money through various charges and fees. Many prepaid cards carry an application charge as well as a monthly usage charge. If you are paying a monthly service charge, then you need to make sure that other services are given to you for this money, such as helplines or added security. Before getting a prepaid card, you should shop around to find the card that has the lowest fees. Although you are not paying interest, these fees can add up and if you don’t use the card a lot could cost you more than you will end up spending. However, if you look around there are some good deals to be had. If you want to control your spending or your child’s then getting a prepaid card might be the answer.



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Bad Credit? No Problems. Have These Credit Cards

Saturday, October 3rd, 2009
muellerduran recently asked:


People with bad credit or poor credit are often face difficulties in obtaining a credit card. The fact is indeed true that their choices are limited when it comes to credit cards but, credit card issuers are increasingly offering financial products that specially cater to bad credit people.

Bad credit problem can be caused due to a number of situations. The credit card choices available to bad credit people allow them to rebuild their credit history. Financial products that help bad credit people are prepaid credit cards or debit cards, secured bad credit cards, unsecured bad credit cards. In this article we take a look at each one of them.

Prepaid or debit cards:

These are the easiest option available for bad credit people. There are no verifications, no credit checks, no employment requirements, and the approval is instant. All they have to do is to deposit a money and a prepaid card is issued. This card has the borrowing or buying capacity equivalent to the funds deposited. The good thing with prepaid credit card is that it promotes financial discipline. Some prepaid card issuers report to various credit rating agencies, thus it helps in rebuilding your credit history.

Secured bad credit credit cards

These credit cards are issued to bad credit people who can offer a collateral. Generally, offered to homeowners, secured bad credit cards help one rebuild his credit history. The interest rates and borrowing limits on these credit cards are good and favorable for bad credit people. Secured credit cards can also be linked to a savings account in which case it will have a credit limit of some percentage of your savings or money in your account. As the credit card issuer gains confidence with you it can increase your credit limit. Again, if you control your finances and spending, repay on time and do not default your credit history will improve.

Unsecured bad credit credit cards

These credit cards have high fees, which makes them a costly proposition to own. But, the bad credit people have limited choices. If a person with bad credit doesn’t have anything to offer as collateral or is unable to buy a prepaid or debit card. This is the only option that remains. However, on a positive note, this unsecured bad credit credit card offers the person a chance to rebuild his credit history.

So, the options are there for bad credit people to have a credit card. But if they don’t learn lessons from their existing situation and do not improve things will get worse with time and become uncontrollable.



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