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Debt management plan could be required to cope with store cards

Debt management plan could be required to cope with store cards

- Friday, 18 December 2009

Shoppers who rely on store cards could find themselves having to deal with significant amounts of debt, it has been suggested.

According to Love Money, the cards, which usually promise consumers store-related benefits, come with a significant sting in the tail - in the form of extortionate APRs.

Consumers struggling to repay their bills could find they need a debt management plan to cope with increasing levels of store card debt, particularly if they take out payment protection insurance on the cards, something the personal finance website branded as significantly overpriced.

Citing statistics from Moneyfacts, it pointed out that leading high street stores such as B&Q, Debenhams, Argos, Miss Selfridge and Burton have an average APR of 25.5 per cent, with the highest rising beyond 30 per cent.

"By all means, have a store card, but please use it sensibly. Take full advantage of any introductory and ongoing discounts, but avoid interest by repaying every monthly bill in full," it said.

Earlier this week, it was suggested by Moneynet.co.uk that Christmas shoppers should ensure they only use authorised loans to fund their festive purchases.ADNFCR-2300-ID-19519782-ADNFCR
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