Store Cards

If your store card accounts are in arrears or heading into ‘persistent debt’, then we could help you resolve these and get your finances back on track. With a consolidation loan, you could stop interest rates and charges – leaving you with just one affordable monthly payment to make.

Want to find out more? Continue reading!

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What is a store card?

A store card is a type of credit card which can only be used in certain shops. Similar to credit cards, you use these to buy goods and then make repayments at a later date. The problem is though, many store cards possess high interest rates – which often kick in after an introductory period.

Before you know it, a small purchase has turned into something with huge consequences. With mounting financial pressures and growing interest, paying off a store card can sometimes feel like an impossible task.

How many store cards is too many?

Similar to many questions relating to financial matters, this answer depends on your circumstances. If you’re struggling to meet the repayments though and you have large amounts of store card debt, you probably have too many.

Another way to determine if you have too many store cards is to consider your credit utilization ratio. This is an indicator of how much credit you have available and – generally – it’s recommended to keep this at around 30%.

For example, if you have two store cards and one credit card, with £2,000 limits, the total amount of credit available to you would be £6,000. However, if you’ve used £3,000 of that, your credit utilization ratio would be 50%.

Store card advantages and disadvantages

As financial options go, store cards do have several advantages. For example:

  • If you regularly use the services of a particular store, you might be able to secure a good deal with them
  • Furthermore, many store cards have introductory offers or may include freebies

However, they also have several negatives. For example:

  • Store cards often have higher interest rates than other solutions.
  • Unlike credit cards, store cards can only be used at specific locations.
  • Store cards can sometimes be sold in-store by staff members. Therefore, these people may not take your financial circumstances into account.

Is debt consolidation worth it for store cards?

To determine whether debt consolidation is worth it for store cards, you should ensure you’re ultimately paying less than you otherwise would have done.

For example, one store card provider – once customers have passed the introductory period – charges interest rates of 29.9% APR. If you held several store cards, owing £500, £200, and £300 on each at similar rates, it would mean over two years you would repay a total of almost £1,300.

However, if you took out a £1,000 debt consolidation loan – at 12.9% APR – you would repay around £1,130 over the same period.

This also doesn’t take into consideration other debts which you might have. By combining all of these into one loan, you might find debt consolidation is certainly worth it.

Can debt consolidation help me?

If you’re struggling to repay your store cards, debt consolidation could close these accounts and leave you just focusing on making one loan repayment each month. If you do decide to take out a loan to consolidate your existing accounts, it is highly recommended that you close your store cards immediately upon clearing the balance to prevent continuous spending and potentially getting further into debt. To find out if you qualify, get in touch today and we’ll help find the best solution for your needs.

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With debt consolidation you can:

Stop calls from creditors

Stop relying on others for money

Invoices easier to manage

Regain financial control

Have disposable income in your account

Keep track of your payments