The furor surrounding the release of the Suze Orman Approved prepaid debit card has died down a bit, but there still might be some confusion. A lot of the confusion comes from the way the card is marketed, making it seem as though someone with poor credit could improve the situation with the help of this prepaid debit card.
We released a help prepaid debit vs. secured credit tip sheet last week that we think will be informative. But we also believe that it's important to be educated about credit, and understand the way credit works, so that you aren't fooled by slick marketing campaigns that seem to promise one thing, but are really little more than marketing fluff.
Take Our Credit Card Quizzes
If you want to learn a little bit more about credit cards -- or just test your knowledge -- you can take our credit card quizzes. Learn more about the basics of credit cards, understanding how they work and how they affect your credit. You should also take our quiz about credit card myths. Find out more about the persistent myths that continue to mislead consumers.
The truth is that there is a lot of erroneous information out there about credit cards, your credit score and what you can do to improve your situation. Unfortunately, when someone who is trusted and followed by millions puts out a prepaid debit card that is marketed as a credit tool, it only further muddies the waters. Use our credit card quizzes as learning tools; when you're done, you will have a clear idea that a prepaid debit card of any type won't help your credit -- and you'll learn other useful facts as well.
Sign the Financial Responsibility Pledge
We also have a great Financial Responsibility Pledge that you can sign. This pledge is meant to serve as a valuable reminder of the steps you can take to improve your financial situation and use credit responsibly.
Yes, there are people who can't get credit cards and bank accounts because of the financial habits they have developed. Those people are at the mercy of products like Suze Orman's prepaid debit card because they have no other options. You can avoid that fate by making a commitment to live within your means and use your money wisely. The Financial Responsibility Pledge can help remind you of your commitment and keep you on the right track.
