We’ve all gone through it. Funds were running short when you really wanted that great outfit. You went out to that fancy restaurant when you should’ve stayed home and eaten leftovers. You succumbed to the late night gurus selling knives. Whatever your indulgence was, if you are like me, you probably regretted it a couple weeks later when the credit card statement arrived. You asked yourself, “How did I rack up this much debt so quickly?” Needless to say, for many people the flexibility a credit card provides is not always a prudent means to money management. Whether it’s credit card or traditional checking account, there are alternatives out there available to you. You just need to know the particulars.

Here are ten reasons why prepaid debit cards have become so popular when it comes to controlling finances:

• First and foremost, the funds loaded on a prepaid card is money you have already earned, not credit given to you by a bank.
• Unlike traditional checking accounts, most prepaid cards do not have the ability to overdraft. You can only spend what is already loaded on the card.
• Since you cannot go beyond your loaded balance, there is no abusive Overdraft Fee of $25-30 for that cappuccino you had at Starbucks that put you over your balance.
• Credit worthiness is what drives most bank’s and credit card company’s decision to offer you credit. Prepaid card companies do not run credit checks – It’s your money!
• Many prepaid cards have money management tools on their website so that you can watch your balance and know where you stand.
• Complementary to the online system, most cards offer free SMS Text and Email Spending or Balance Alerts that can be sent directly to your cell phone.
• Prepaid cards work like a bank debit card or check card and can function as an ATM card when you really need cash.
• Need cash but don’t like to pay those high ATM Fees? No problem, just say “debit” at your local merchant and if they agree, just get cash over your purchase. No ATM Fee!
• Like the rewards programs offer with credit cards? Yes, some prepaid cards do offer rewards programs. They aren’t as prevalent as credit cards, but they do exist.
• Want to teach your teenager good money management skills? Get them a Teen Debit Card. There are several available like the BillMyParents MasterCard. Check them out!

Prepaid debit cards are not the be-all and end-all to proper money management, but they can definitely help by allowing you to cement a monthly budget and not overspend. Pay that credit card off as soon as possible to avoid the high interest charges and then put it aside and only use it sparingly. Good credit is always preferable to bad, just try to be judicious about it. If you have no will power whatsoever and your credit is shot, then get rid of that credit card for now and go the prepaid route. You will still have to monitor your account and do a little research to find out which card is best for your needs. Some cards are better than others when it comes to ATM Fees, Point of Sale Fees, Monthly Maintenance Fees, Activation Fees, etc. Fortunately, there are now websites out there that do the comparing for you. Whatever you decide, remember that it’s your money and no one going to look after it better than you.