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Use of prepaid credit cards will grow
18 September 2008
An increasing number of people will begin to use prepaid credit cards to cope with debt during the current economic climate, claims Newcastle Building Society.
With consumer debt on the rise, Newcastle Building Society card solutions predicts a ten per cent growth in the number of prepaid credit cards used by people with individual voluntary arrangements by 2012.
Kriya Patel, head of card solutions at Newcastle Building Society, said: "The popularity of prepaid cards over the last couple of years is astounding. We have currently issued 2.3 million cards across the UK and within Europe."
Ms Patel argues that prepaid credit cards offer flexibility to a number of people and are now seen by many as the next logical step toward a cashless society.
"The safety offered by the cards is also appealing within the teen, travel and online community, protecting access to people's money and identity," she added.
According to the building society, 11 million Brits are convinced by the benefits of prepaid credit cards.
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