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Store Card Debt
Store cards can be extremely tempting as having the option to ‘buy now, pay later’ can be useful. This is especially true when products must be purchased, such as before Christmas or when something needs to be replaced.
However, the terms and conditions of store cards can be surprising. What started as a few innocent purchases can quickly turn into debt. As interest continues to accrue and the outstanding balance grows, it can be difficult to picture a time when the store card clears.
Our advisors hear this story all too often. If it sounds familiar, that’s because we frequently deal with cases where store card debt becomes unmanageable. We’ve helped these people, we can help you too.
The rate of interest on store cards can be surprisingly high. Typically around 30% – although this figure can be higher – it’s not unknown for shoppers to acquire a store card without understanding this.
Store cards are an attractive option because they allow you to save money initially. Yet, the high interest rates mean you might pay a lot more in the long run. Therefore, if you can’t make the minimum payments, these will likely have a huge effect on your financial situation.
If you cannot pay, then additional charges may be added. Eventually, your account will probably be deactivated and the store itself could take action to reclaim the debt – for example, by sending bailiffs.
Fortunately, you aren’t completely powerless when it comes to store card debt. We could help you resolve this issue through a debt management plan (DMP).
Store cards are categorised as a non-priority debt which means they can be included in a wide variety of debt solutions. If you want to identify which one would be best for you, then get in touch with our team of specialist advisors. With no obligation on your part, we can assess your circumstances, listen to your story, and find your ideal option.
You can contact us through the application form or call us via 0161 956 2691.
NationalDebtService.co.uk is an independent website created to help users find a solution to their debt problems. Our service is free to use and you are under no obligation to accept any of the recommendations you receive. An IVA (Individual Voluntary Arrangement) is subject to acceptance.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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At National Debt Service, we do not give advice. On completion of our form, we will introduce you to one of our authorised IPA regulated companies. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not National Debt Service. We may receive commission from the company we introduce you to.
Free money help and advice can be found at the MoneyAdviceService.org.uk