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Prepaid credit cards are rising in popularity
01 August 2008
An increasing number of consumers are turning to prepaid credit cards during the current economic climate, according to a finance website.
Research by Fairinvestment.co.uk revealed that there are currently around 2.3 million prepaid credit card holders in the UK and it predicts this figure will rise to seven million by 2010 as people realise the benefits of having a prepaid credit card.
"You top up the card with money and then use it to pay for goods, safe in the knowledge that you can never go overdrawn or into debt," said Phil Alcock of Fairinvestment.co.uk.
With the holiday season upon us, families can use prepaid credit cards abroad in order to monitor their spending.
"Prepaid cards can be used just as a normal credit card, so on holiday, you can use the card to pay for meals out, activities, petrol for the hire car and to withdraw cash," added Mr Alcock.
The prepaid credit card market will be worth £4.5 billion by 2010, according to Fairinvestment.co.uk.
