Consumers today are up to their eyeballs in debt. And many people don't realize it until their good credit has been devastated.

As a result, many credit repair agencies are popping up all over the internet, on television and in the newspapers making sweeping guarantees that they can erase your bad credit and remove bankruptcies, judgments, liens, and bad loans from your credit history - forever!

Consumers are flocking to these credit repair clinics in droves. However, estimates show that credit repair companies have defrauded consumers in the United States alone out of more than fifty million dollars.

The truth of the matter is that depending on the extent of the damage to your credit history, the best strategy could be a self help strategy - not giving away hundreds or even thousands of dollars in up-front fees to an agency that in the end may do nothing to restore or improve your credit.

After researching the topic quite extensively, I found one great method that works well for some people is a method I call "beating the credit reporting bureaus at their own game".

I report about it in more detail on my Prepaid Debit Card Site (www.debit-card-guide.com), however, in brief, this strategy involves taking advantage of signing up for prepaid debit cards which offer a built-in credit reporting feature.

A prepaid debit card is a great solution for a lot of people because the money you spend is your own and in most cases you cannot spend over the amount you have in your account.

This is a good solution for people who may have had difficulties with debt or bankruptcy in the past because a prepaid debit card is a great tool for developing invaluable financial management and budgeting skills.

A major bonus of some prepaid debit cards today is that during the sign-up process you are offered an opportunity to sign up for an additional service that will help you rebuild a bad credit history by having your monthly payments reported to one or more of the major credit reporting agencies.

Subsequently, each month your card's issuer credit reporting partner will process your payment record and verify that your payment is properly posted to the credit bureaus' records.

There is a small additional fee involved for this service each month, however, the fees are minimal by comparison to the sometimes outrageous fees and interest payment some credit card companies charge people with bad credit.

This fee is usually billed to you through your prepaid card each month and enables you to show a continuous history of activity within the credit system.

These prepaid debit cards help you rebuild your credit so you can get on with your life and is just one of the many self-help strategies that I recommend.

To learn more about rebuilding your credit through the use of a prepaid debit card simply do a search in one of your favorite search engines for prepaid debit cards or visit www.debit-card-guide.com for more specific card information.

Copyright Rebecca Sharp - http://www.debit-card-guide.com