Department stores and high street shops will stop at nothing to boost their profits and that means getting you to sign up for their store cards. This will often happen when you are at the checkout and in a good mood. The shop assistant will say you could save 15% or so on your purchases that day if you sign up for the store card. Sounds good doesn’t it? But what people often fail to realize is that there are high interest rates on these cards and that the stores will probably make their money back on that one purchase.
What many people also do is fail to pay off the balance of their store card each month, choosing instead to pay the minimum balance because it is cheaper in principle. In actual fact, store cards are one of the most expensive lines of credit and with so many around it is easy to see why people get into so much debt with them.
The pull of the stores at sale time, exclusive shopping events or just giving yourself a boost – it’s so easy to whip your store card out but before you know it you could have maxed out your card and have very little to show for it. That’s a lot of store card interest you could be mounting up and you could be in trouble with your payments very soon.
If you are having problems with your store card repayments, the best thing to do is take positive action as soon as you can. You can do this by speaking to your creditors to tell them you are having problems. They might decide to help you by freezing interest or reducing the minimum payment you need to make each month.
Problems with repaying are not uncommon and there are many people struggling with their repayments. The good news is there are people to help you and you can get advice just by picking up the phone today. Speak to a debt management company and tell them about the problems you are experiencing. They will listen to you without judging and give you free advice on what you should do next. There are many debt solutions open to you and a qualified debt advisor will be able to give you the best advice.
The worst thing you can do is to ignore your debts and hope that the problem goes away. Your creditors will stop at nothing to get their money back and they could even send the bailiffs round or take you to court. You can avoid the embarrassment of this happening by speaking to a debt management company today. That store card should also be cut up so that you can concentrate on your store card debt and get it cleared once and for all. Many people have found help in this way and are now living a life free from store card debt.