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Ask Creditnet: Are prepaid debit cards a good holiday gift for kids?

December 6th, 2012 by Jason Bushey

Dear Creditnet: Is there any difference between giving someone a prepaid debit card or a gift card this holiday? I've given gift cards before, but I'm curious if there's any benefit to giving my kids a prepaid debit. Thanks! - Tim L. from VT

Answer: The short answer is yes - a prepaid debit card is a good gift idea for your son or daughter this holiday. The long answer, however, is a little more complicated. Let's start with your first question...

How are gift cards and prepaid debit cards different?

Diversify your wallet with different kinds of credit cards

You may have just one credit card in your wallet - or you may have several. But no matter how many credit cards you choose to carry in your wallet, you should make sure you're diversifying the kinds of credit cards that you own.

Why? Because each credit card has its own specific benefits, all of which can help your personal finances differently in the long run if you use them responsibly.

Updated by Jason Bushey on Thu, 2012-12-06 08:58

Credit News Roundup: Average credit card interest rates up (slightly) from last year

December 4th, 2012 by Jason Bushey

You may have read about a report from TransUnion last month that said both average credit debt and delinquency payments had swelled slightly from the same period last year. In the midst of the biggest shopping season of the year, the average American is carrying close to $5000 in credit card debt. That's up 5% from last year. (Delinquency payments are only slightly on the rise, from 0.71 to 0.75 this year.)

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