For free debt advice from Debt Advisers Direct


"Sting-in-the-tail store cards" may cost over the odds

14/08/2008

Using store cards could increase the price consumers pay by a quarter, Alliance & Leicester has warned.

Store cards carry an average interest rate of 26 per cent – a total of three times more than a "competitive" personal loan – meaning summer bargains may end up more expensive than shoppers realise.

The bank said people who have run up debts from store cards and other means may want to consider a consolidation loan to ease the burden.

Personal loans manager Mark Boyle urged consumers to assess their debt problems.

"For those who wish to make their debt easier to manage, taking out a personal loan and consolidating it into one easy-to-manage chunk may be a wise option," he said.

According to the research, nearly a quarter (24 per cent) of British people have store cards that could be costing them money.

In related news, Fool.co.uk has said it is "hardly a shock" that consumer confidence has recently declined with living costs rising.
ADNFCR-667-ID-18731584-ADNFCR

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in
Fill in our form, an expert will call you back
Title:
First name:
Surname:
Telephone 1:
Telephone 2 :
Email:
By continuing, I agree to the privacy policy
Debt Advisers Direct © 2010 All rights reserved. Debt Advisers Direct is a trading style of Freeman Jones Limited.
Carlton House, Vere Street, Salford M50 2GQ. Company registration No. 4348410. Registered in England and Wales