Hi friends, I am now going to blog on a topic which is related to home loan, home loans etc.The economic downturn has left consumers readjusting their financial goals and setting some priorities for spending. Some consumers have used credit cards to spend beyond their means. That has led some to accumulate debt they are now struggling to overcome. Credit card companies have been affected by the 2008 upheaval in the credit sector and the recession. They have taken steps to reduce their exposure to risk. Increasing the standards new customers must meet to qualify for a credit card has been one step. Credit cards that were once easy to qualify for now call for better credit histories and scores. Even existing customers are under scrutiny. Many banks are lowering credit limits and changing rates for people with existing accounts. Banks are even closing accounts for customers whose cards have not been active recently. Decreased credit limits mean a higher debt to credit ratio for those who carry balances. Credit scores will be adversely affected by that. More consumers are having to turn to credit cards for bad credit, as a result of the recession and more stringent requirements set forth by banks. Those who have to open credit cards for bad credit are faced with a significantly higher rate and set of fees. This often leads to the accumulation of more debt, since it is more difficult to pay down actual balances with those high rate cards.Instead of settling for credit cards for bad credit, some experts advise those consumers to consider a credit card that has a prepaid balance. Unlike with a traditional credit card, a prepaid card will not allow a consumer to spend beyond his means. With this type of card, a consumer is also instilled with the idea that things purchased on a credit card are his responsibility. Unfortunately, a card with a prepaid balance cannot repair credit or improve a credit score. Prepaid cards do not show up on a credit report. But for those seeking credit cards for bad credit so they can simply have the convenience of a credit card, a prepaid card may fit the bill. A common resource is also a debit bank card. A lot of consumers are given one of these cards when they open a checking account. Unlike a credit card, a debit card immediately deducts the purchase put on the card from the checking or savings account. The card will not tempt someone to go on a spending spree that he cannot support. If those forced to consider credit cards for bad credit take on a high rate card, they should be certain to pay the balance in full every billing period. Being responsible for every purchase on that card and paying for those when the bill is due assures that the card holder will not incur interest payments and penalties.