Reloadable Debit Cards and Credit Scores

Mickey | Financial Services | Wednesday, December 29th, 2010

Let’s face it, there’s been a whole lot of credit shredding in our recent past. Lots of people have watched their credit scores topple from lofty heights down to levels that are downright embarrassing. That’s made it harder to take out loans, harder to consolidate debt, and harder to just keep ahead of the bill collector.

Then there are the credit newbies. They’re brand new to the game and have no credit history to speak of. And so lenders are hesitant to extend them even the smallest amount of credit.

But all of these people still need access to some set of financial tools to navigate their way through life. What can they use when their credit scores don’t allow them that access? Well, the answer to that question is reloadable debit cards.

Reloadable prepaid debit cards don’t require a stellar credit score – in fact, they don’t require a credit score at all. All you need is a little cash to buy one with and a little more cash to loan onto it. Then voila, you have a genuine MasterCard or Visa that’s good just about anywhere a credit card can be used.

These cards can be used at stores, they can be used for online purchases, and they can be used at ATM’s for cash withdrawals. About the only thing that these little numbers can’t do is get you deeper into debt. That’s because you have to add cash to your prepaid account before you can use the card so you never spend money you don’t already have.

So if your credit scores are a problem and you’re trying to get your debt under control, go out and get a reloadable debit card. Load it up with some cash and take it for a test spin. It will help you manage your money much more wisely without putting you deeper into debt.

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