Prepaid Credit Cards the Card of Choice for ‘Austerity Britain’

Figures for the period April-October, 2010, released today (8th November, 2010) by the UK’s leading prepay credit card comparison service, www.compareprepaid.co.uk, shows that applications for prepaid credit cards have increased by more than a third in the last six months.

• Applications for pre pay credit cards increase 35% in six months. • Austerity Britain ditches the ‘never-never’ for more practical pre pay credit cards. • No credit checks, better budgeting and new rates improve their attractiveness. Figures for the period April-October, 2010, released today (8th November, 2010) by the UK’s leading prepay credit card comparison service, www.compareprepaid.co.uk, shows that applications for prepaid credit cards have increased by more than a third in the last six months. As the nation gets used to living in ‘Austerity Britain’, compareprepaid.co.uk figures show that applications rose from 30,000 per month in October-March 2009/10 to just over 40,000 per month for the period April-Oct, 2010. A lack of available credit, job insecurity and government cuts, the next decade promises to put far more strain on our finances. Recognising a need to cut costs and budget, consumers are increasingly turning to prepaid credit cards to help their budgeting needs. Raffick Marday of compareprepaid.co.uk explains; “While the past decade was all about the credit card; spending on the ‘never-never’ and not worrying about paying the money back, austerity Britain is a very different place. Government cuts, tighter financial controls on credit, greater strain on family budgets and a general desire for most of us to cut back on our spending is having a real impact on the nation’s spending habits and the financial products that we are using, which is why we have seen more applications in the last six months via our website Compareprepaid.co.uk for prepaid credit cards. “A lack of available credit for those with poor credit history, and the fact that you can get a prepaid credit card without any credit checks, as well as that prepaid cards make it easier to stick to a budget because you can’t spend money you don’t have on them, have all helped prepaid credit cards grow in popularity. “What’s more there are some great new prepaid credit cards available on the market at the moment that have fewer charges and offer customers a better deal. For example Sainsbury’s have just launched 3 new prepaid cards to compete directly against Tesco's and Marks and Spencer's, and they have been launched to assist consumers who wish to budget or control spending.” “With all financial products though it is always advisable to shop around and compare prices and deals thoroughly online in order to find the best deals for you.” Notes: Raffick Marday is available for interview. Please contact Dale Lovell on 01753 859 588 or email: dlovell@searchnewsmedia.co.uk to arrange an interview.

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