Store Card Debt
FACT - There are more than 11 million store card holders with outstanding balances of well over £2 Billion in the UK alone.
Store cards are one of the worst and hard hitting in terms of the interest that is charged on each and every card. If you have a small number of store cards and you decide to do a small amount of shopping on them it can result in huge amounts of interest being added that could even double the price tag of what you are buying.
If you have store cards and you are currently in debt and struggling to find a way forward here are a few tips that you could try –
- Destroy the cards and do not use them no matter how much you might want that new product that they are showing of in the window.
- Contact the stores and ask them to disable the cards as you cannot afford to spend anymore on them.
- Contact the stores and ask them to put a restriction on the cards so that it is more affordable for you.
- Try to pay them off quicker even if it is only an extra £2-00 per month it will help in the long run and could reduce the payment terms by quite a large amount depending on how much you owe and over what timescales.
British shoppers find store cards a very tempting way to get hefty discounts on their shopping. Shoppers can not resist the temptation of saving up to 20% on purchases if they sign up to the stores store card.
In the UK store cards can charge interest of up to 30%. There are millions of consumers affected by store card debt in many ways that we really want to help eradicate.
You may already have tried some of these steps and you are here because you need professional debt help from a company that has dealt with these issues many times. Please try our free debt calculator it will only take you 60 seconds of your time and it is completely free.
