Life Lesson #1: It's far too easy to get credit cards -- One mistake that many people make is taking out a new credit card to cover the bill of an old credit card, and taking out a new one when that card has bills due. Visa and MasterCards are almost too easy to get nowadays, and many of them will have a very high limit on what you can spend. Many people will take out a number of credit cards, get themselves deeply into debt, and then spend the rest of their lives paying off the money that they owe.
The life lesson in this is: Don't fall prey to the easy lure of Visa or uk prepaid mastercard. If you have the tendency to overspend, use prepaid MasterCards to keep your spending limited. Stick with a payment plan to work yourself out of debt, and don't spend unless you're absolutely sure you can afford it. Never make the mistake of using one credit card to pay off another, as that will simply perpetuate the cycle of debt.
Life Lesson #2: Use it when you can cover it -- The reason that Visa and MasterCards are so popular - especially among young people - is that they enable the owner of the card to buy something that they really want right now, and then pay it off "next week" when they get the money from their paycheck. It's awesome to be able to buy and then pay off, but it's one of the worst things about credit cards at the same time.
The life lesson in this: Use it like it's a debit card. If you don't have the money in your bank account or in cash to cover the cost of the item you're purchasing, don't make the purchase. It's a bit different with things like cars, houses, and big-ticket household items, but the little items that you don't need to buy today can wait. Or, use a prepaid MasterCard to buy it, but with the money that you already have in the bank.
Life Lesson #3: Don't rely on the credit card companies for help -- When it comes to debt, credit card companies have one simple policy: the more the merrier! They want people to spend more and more money, as they'll earn more and more with each purchase. They won't warn you when you're overspending, but they'll just let your debt pile up until they can reclaim everything you own.
The life lesson in this: You're the only one that can control your debt. If you have a habit of overspending, use a prepaid MasterCard to help you limit your spending. Keep a close track of your credit card expenses, and make sure that they are paid off as quickly as possible. You're the only one that will bail you out when you get into debt, so it's in your best interest to stay as far away from debt as possible. Be wise with your spending, use your prepaid MasterCard to control your purchases, and watch out for debt!