Prepaid cards ‘good for those in debt’

People trying to pay back any debts they owe might like to consider opting for a prepaid card, as one expert has said that the products prove to users that they are able to settle arrears.

According to Neil Munrow of Equifax – an organisation that provides information on a range of services, including debt, credit cards, fraud and ID theft – prepaid cards are growing in popularity as the country exits the recession.

Observing that there are lots of borrowers with poor credit scores, Mr Munrow went on to say that prepaid plastic is “a good way of restoring their credit history”.

“People who have been excluded from mainstream finance can re-establish their credit history,” he continued.

Those looking to take out such a card may find the ClearCash Prepaid Mastercard suits their needs, as it was named winner in the category of best unbanked prepaid card at the recent Prepaid365 Prepaid Cash Awards.

By Sarah Adie