Over the past few years the prepaid debit card industry has grown by leaps and bounds. Depending on who you ask, prepaid debit cards can be helpful tools or black holes of fees. The truth is these cards are not for everyone. Primarily, consumers who are unable, or unwilling, to secure a checking account are the best candidates for prepaid products. Prepaid debit cards are an effective method of keeping track of your spending and offering a measure of security outside of carrying cash. As with any financial product, you have to do your homework when it comes to selecting a card that’s good for you. As we’ve seen with recent entrants into the market, the costs can be staggering; however, not all cards are created equal. To learn more about prepaid debit cards, please read Beiber (Card) Fever: The Pros And Cons Of Prepaid Cards. If you’d like to learn more about prepaid cards, or compare products, please visit Nerd Wallet’s Comparison Tool.
Until next time, I’m Thomas Fox for Cambridge Credit Counseling.