By Amanda Hanley for PrepaidDebitCards.net Secured and prepaid credit cards are generally marketed to the consumers who do not have a substantial credit history to qualify and receive a typical credit card. In previous years, prepaid cards were not seen in a positive light. Without the ability to help build one’s credit, no safeguards if it is stolen and hidden fees have been the negatives related to the prepaid credit. However, there has been speculation that the benefits offered by these prepaid cards will increase this year. It is the perfect time for the prepaid credit cards to consider bettering themselves. There are three reasons that these cards are expected to improve this year. Senator Robert Menendez (D-NJ) introduced an act to Congress that would ensure that the worst hidden fees were eliminated and making sure that consumers are aware what the fees associated with the prepaid card are. In a December press conference, Menendez stated that unsuspecting consumers are realizing that the prepaid cards will many times give them much less than what they loaded on their card. This happens because of the unnecessary fees. Menendez emphasized that we have to ensure that the families who have to rely on the prepaid cards are not shocked by the hidden charges. Due to the possibility of this Act, the banks that issue the prepaid cards definitely have incentive to make the prepaid products they offer more consumer friendly. Recent changes that have occurred at the Consumer Financial Protection Bureau (CFPB), these changes mandate to make sure consumers are protected from deceptive practices. This concerns every financial product available from auto loans to credit cards, payday lending loans and mortgages. It is too early to be sure what is going to happen this year, but the prepaid cards are a flourishing business. About $460 billion was put on the prepaid debit cards last year. It is predicted that by the year 2016, it will grow to almost $685 billion. The CFPB is well aware that the prepaid cards are gaining in popularity. This gives the consumer watchdog group more reasons to step in and ensure the changes made are being followed. With the growth of the prepaid cards, more problems are being noticed. It is thought that consumers are getting ready to demand fewer fees and more protections. Consider that recently in Plano, Texas a woman purchased her son three $100 prepaid  cards from a local department store. Several days later, her son went to the store to purchase a new suit. The prepaid cards were declined. As the mother researched the issue she found that a con artist must have cloned the prepaid credit cards. All that remained on all three cards was $1.96. These are the reasons that it is believed that 2012 will see a rise in the use of prepaid credit cards.

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