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Store card debt

Store cards are among the most convenient ways to get credit because people often sign up at the point of purchase. Many stores offer a discount on signing up and when you shop.

The problem is that store cards are rarely good value. Debts on a store card can spiral out of control very quickly because the rate of interest they charge is so high. If you don't pay the outstanding balance in full at the end of a month, you start paying large interest charges that can rapidly add up to an unmanageable debt.

Effective budgeting is an important part of handling store cards, and it's best to pay them off in full each month. It's better still to avoid them altogether. However, if you have already built up a large debt on a store card, ClearStart is able to help you to establish the right way forward. Depending on your circumstances, this might involve an IVA, a Debt Management Plan or a consolidation loan. 'Juggling' card debts by moving them from one card to another (called 'rotating finance') is unlikely to work for long.

ClearStart maintains a free and impartial credit and store card debt advice service. It is open to any UK resident facing store card debt who wants to know more about the solutions available. Advice is free and confidential and you can access help online or talk to a specially trained counselor.