Store card debts – What to do if you got more than you bargained for

October 10, 2014

Store cards are a very common form of personal unsecured debt in use among consumers in Scotland and the rest of the UK.

If you are worried about store card debts and their impact on your financial flexibility, or if you’re really struggling to cope with the consequences of racking up sizeable store card debts, then it is important to take action and to resolve these issues as soon as you can.

How they work

Retailers offer store cards to customers as a means through which they can spend money in their shops on the basis of a credit arrangement. From a consumer’s point of view, discount deals and the chance to buy new items up front and pay for them later can be enough to tempt them into signing up for a store card.

What’s the problem?

Problems can arise for store card holders when they are used on a very regular basis or to make large-scale or excessive purchases. Store cards tend to offer credit on a relatively expensive basis, with annual interest rates of around 25% not uncommon.

As ever with credit arrangements and borrowing money in general, the real issues with store cards arise when a debtor finds themselves unable to pay back what they owe and struggles to cope with the burden of mounting interest. For obvious reasons, the danger of this situation arising is increased if an individual has a number of store cards all racking up interest and adding to a debt management problem.

What can you do?

If you find that you can’t afford to repay your store card debts then there are ways of reorganising your finances and prioritising your debts so as to help alleviate the issues involved. You might also be able to benefit from entering a Trust Deed, a Debt Arrangement Scheme or a Debt Management Plan as a means of drawing a line under a situation of real financial distress.

What you should certainly do if you’re fending off creditors and you can’t pay off the interest accumulating on your store card debts is speak to an expert on the subjects. You may find that just discussing your issues with an experienced specialist in debt management helps to give you a sense of relief and of optimism that your problems are not insurmountable.

Debt Solutions Questionnaire 

For a quick insight into how you might be able to start sorting out your debt problems and what options are out there to help you then check out our Debt Solutions Questionnaire. Or for a more in-depth discussion around debt management solutions, you can call any of our Scotland offices directly and arrange a free consultation.

Whether it’s store card debts, or any other form of borrowing that is at the root of your financial difficulties, it’s vitally important to take action and not to simply let your problems spiral further and further beyond your control.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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