What Is The Average Salary In America For A 25-Year-Old Prepaid Debit Cards – Sometimes a Necessity But Very Effective

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Prepaid Debit Cards – Sometimes a Necessity But Very Effective

Prepaid debit cards are one of the safest methods of building credit for a consumer, as well as one of the safest methods of issuing credit for a bank. The basic commonality all prepaid cards have is that a deposit of some kind must be made by the person before the bank will give them credit.

Card varieties differ in the amount of credit given based on the deposit, but the typical limit is 100% of the deposit. Over time, some issuing companies will allow the consumer leniency and increase the amount of credit given in proportion to the deposit.

Why, you may ask, is this necessary? Prepaid debit cards sound like a way to give your money to someone else before you spend it. From outside the perspective of the credit world, yes, it seems redundant. But look at this hypothetical situation, from a consumer’s perspective, and hopefully some light will be shed on the usefulness of prepaid debit cards.

Carl lived it up. He had a six-figure salary, a wife to make all other husbands jealous, a new Land Rover, and a luxury apartment. The thought of credit problems was laughable at this pristine moment in his life.

But something happened. Carlos’s luck began to turn. His beautiful wife, an amateur tennis player, took too many lessons with his 25-year-old Italian teacher, specifically at his private retreat where her cell phone curiously could not get reception. Carl’s company didn’t make the mark for the quarter, and people at corporate were hunting heads. Carl’s head, recently bald from stress from the Lady, probably stood out because he was the first to be fired.

Then the divorce started, and while Carl was pretty sure he wasn’t to blame for his wife’s infidelity with someone middle-aged, she still took the car and apartment, and some major payments were coming from Carl. Carl’s credit score declined when he defaulted on his bills. He was left a broke, unemployed, bald man who could never watch tennis again.

When things leveled off years later, Carl wanted to rebuild his credit, even though no credit card companies would accept him. He had to find a way to transfer his cash into the world of credit, just so he could show he would make good on some payments.

As you can guess, Carl’s answer is a prepaid debit card. He can show the bank that he is legitimate, so that only giving them cash can. The bank put a credit on his card; Carl bought Rogaine and a low-drive antidepressant; and bingo, his credit started to come back.

So, if you find yourself in such a situation, needing credit but inspiring no confidence from issuing companies, a prepaid debit card may be the way to go. Additionally, on a more serious note, prepaid debit cards are increasingly used by those with relatively good credit as a method to control their spending. If there is not enough balance available for a charge, the charge will be declined. And there is no mandatory payment before the end of the billing cycle.

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