There are so many Credit and Store cards available today it’s easy to say that the UK is addicted to buying on credit. At this moment in time there is estimated to be over 12 million store cards in circulation, and the UK's Credit Card debt level is estimated at over £55 million.
Store cards and Credit Cards are pushed hard by stores and banks, and the card companies encourage customers to overspend on them and thus run up debts, which the card companies and stores can then charge lots of interest on.
Store cards are like credit cards the only difference being with a store card you are limited to using it in that store or group of stores. These cards can have interest rates of up to 30% APR and although at the time it may seem very appealing when the glamorous staff member (who is getting paid commission to get you in debt) is talking you into taking out the card, do you really want to pay up to 30% interest on items you purchase, which can grow each month if you do not clear the balance straight away. You can end up paying alot lot more for your purchase.
Credit Card and Store Card debt is one of the most common types of debt in the London area and with more and more shops popping up offering you cards which let you buy now and pay later, its easy to see how the card debts can quickly mount up.
At Debt Advice London we offer free and impartial debt advice on credit and store card debts, so no matter how high your debt is Contact Us today and let us help you out of debt.
