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How
To Rebuild Your Credit with A Prepaid Debit Card
by: R. Sharp
Consumers today are up to their eyeballs in debt.
And many people don't realize it until their good
credit has been devastated.
As a result, many credit repair agencies are popping
up all over the internet, on television and in the
newspapers making sweeping guarantees that they can
erase your bad credit and remove bankruptcies, judgments,
liens, and bad loans from your credit history - forever!
Consumers are flocking to these credit repair clinics
in droves. However, estimates show that credit repair
companies have defrauded consumers in the United States
alone out of more than fifty million dollars.
The truth of the matter is that depending of the extent
of the damage to your credit history, the best strategy
could be a self help strategy - not giving away hundreds
or even thousands of dollars in up-front fees to an
agency that in the end may do nothing to restore or
improve your credit.
After researching the topic quite extensively, I found
one great method that works well for some people is
a method I call “beating the credit reporting
bureaus at their own game”.
I report about it in more detail on my Prepaid Debit
Card Site (www.debit-card-guide.com), however, in
brief, this strategy involves taking advantage of
signing up for prepaid debit cards which offer a built-in
credit reporting feature.
A prepaid debit card is a great solution for a lot
of people because the money you spend is your own
and in most cases you cannot spend over the amount
you have in your account.
This is a good solution for people who may have had
difficulties with debt or bankruptcy in the past because
a prepaid debit card is a great tool for developing
invaluable financial management and budgeting skills.
A major bonus of some prepaid debit cards today is
that during the sign-up process you are offered an
additional service that will help you rebuild a bad
credt history by having your monthly payments reported
to one or more of the major credit reporting agencies.
Subsequently, each month your card's issuer creidit
reporting partner will process your payment record
and verify that your payment is properly posted to
the credit bureaus' records.
There is a small additional fee for this service each
month, however, the fees are minimal by comparison
to the sometimes outrageous fees and interest payment
some credit card companies charge people with bad
credit. This fee is usually billed to you through
your prepaid card each month and enables you to show
a continuous history of activity within the creidt
system. These prepaid debit cards help you rebuild
your credit so you can get on with your life and is
just one of the many self-help strategies that I recommend.
To learn more about rebuilding your credit through
the use of a prepaid debit card simply do a search
in one of your favorite search engines or visit www.debit-card-guide.com
for more specific card information.
About The Author
To read more of Ms. Sharp's articles about Prepaid
Debit Cards, check out THE definitive guide to debit
cards of all kinds including: prepaid mastercards,
prepaid debit cards, debit gift cards, mastercards,
and debit mastercard at: http://www.debit-card-guide.com.
more ...
The VIP Advantage Visa Debit Card. You're already
approved! No matter your credit status. If you're
looking to rebuild. All at 0% APR! This no-credit-check
program is especially designed to assist in building
or rebuilding the member's credit record by reporting
monthly to the credit bureaus.
www.creditcardtrends.com/category/prepaid
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