Debt problems: beware store cards
16/12/2010People suffering with debt problems who might be tempted to take out a store card to help with spending debt over Christmas must first assess the market for the best deals.
Associate director of Credit Action, Joanna Parsley, thinks store cards offer can represent a very enticing prospect, but they could merely serve to make debt problems even less manageable.
She says: "Signing up in store means for many consumers reading the small print is a low priority."
She urged consumers to make sure they know of any other fees or clauses that might impact existing debt problems further on down the line.
Kevin Still, Director of Atlantic Financial Management says: "Attractive discounts on your first purchase are often a temptation, but lead to a debt spiral if the new line of credit is over utilised and debt repayments then become a problem. Use of credit during the festive season should be carefully considered as many UK consumers are still paying for Christmas from the last decade." 
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