If your store card accounts are in arrears or heading into ‘persistent debt’, then we could help you repay this and get your finances back on track. With a debt consolidation loan, you could repay your creditors, leaving you with just 1 affordable monthly payment to make.
Want to find out more? Continue reading!Get My Loan
One affordable payment
Pay as little as £75 per month.
No problem. We consider all credit scores - even bad ones!
We are experts in debt solutions.
No upfront fees
No hidden upfront fees to worry about.
It is fast
Get your money in as little as 2 hours.
It is very fast
Our online application only takes minutes to fill out. Start now >
A store card is a type of credit card which can only be used in certain shops. Like credit cards, you use these to buy goods and then make repayments at a later date. The problem is though, many store cards come with high interest rates.
Before you know it, a small purchase has turned into something with huge consequences. With growing financial pressures and growing interest, paying off a store card can sometimes feel like an impossible task.
Like many questions relating to money, this answer depends on your situation. 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 how much of your credit you are using. Usually it is recommended to keep this at around 30%.
Store cards do have several advantages. For example:
However, they also have several negatives. For example:
To determine whether debt consolidation is worth it for store cards, you should make sure you’re total payment is less than you what it would be if you didn’t have a consolidation loan.
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.
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're looking to take out a UK debt consolidation loan, you should look to close your existing store cards as soon as you pay off the balance. Having those cards open can lead to continuous spending that could leave you in more debt.
To find out if you qualify for a debt consolidation loan, get in touch today and we’ll help find the best solution for your needs.
Our online application will not affect your credit score, and we consider all credit histories.Get My Loan
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