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Government warns about rising credit card debt Debt - the 12-month view Amount of `bad debt` written off reaches 16-year high Deeper into debt: middle-class poverty Debt taken on by individuals increased in January Debt Relief Order (DRO) rules may be changed Overdrafts: five million Britons `permanently` in debt Mortgage lending drops to decade low The cost of debt falls Two thirds hope to have cleared mortgage debt by 50 40% of people approaching retirement `saddled with debt` Repossession `may be best` for homeowners struggling with debt Bankruptcies in Scotland - the worst may be yet to come Good news for people with energy debts US: new law provides debt-free date More debt taken on than repaid in December Savings rise as consumers pay down debt Household debt `could trigger another downturn` More families could fall into debt with energy companies Recession ends

Store card users could be risking debt problems

25/11/2009

Research carried out by consumer group Which? has found that some store cards are charging up to 31% APR (Annual Percentage Rate), potentially putting some consumers at risk of unmanageable debt, the Telegraph reports.

The study claimed that an `indebted graduate`, with earnings of less than £1,000 this year, was able to secure around £3,000 of debt from a handful of high street retailers.

According to the Finance & Leasing Association, there are currently around 15 million store cards in circulation, with around £3bn worth of purchases made on them.

James Daley, editor of Which? Money, commented that although the interest rates are high, "the real problem is the accessibility of store cards. You can sign up for a store card at the checkout, and start spending there and then."

A spokesperson for Debt Advisers Direct added: "As with any form of credit, it is essential that anyone thinking about taking on debt thoroughly understands all the terms and conditions of the contract - including the implications of the APR - before they commit to anything."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with