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With the credit crunch in full swing and the almost $11 billion of credit card debt that the country is in, more of the younger generations are turning to prepaid credit cards for their expenses. What are prepaid cards? These are credit cards that allow you to deposit money onto them but then use them to buy things like you would a credit card. They work much like a debit card.
Why get a prepaid credit card? They are good for situations that require a credit card, like renting a car or securing a hotel room. Debit cards are hard to use in these situations because they usually require the car rental company or hotel to take out a large hold on money in your checking account, which gives you less cash to use on your trip.