A store card is basically a credit card you can only use with one high street chain or group.
Like with a credit card, you can use a store card to buy things on credit and pay them off at the end of the month.
Store cards work and feel very much like credit cards, except that while credit cards can be used anywhere, store cards can only be used in a specific store or store group. They’re often confused with loyalty cards, yet with store cards you can ‘pay and borrow’ where as, loyalty cards just gather points.
And just like with a credit card, you’ll be charged interest if you don’t repay in full.
The interest rate is usually higher than for a credit card.
It’s important not to confuse store cards with store-branded credit cards; Tesco, Sainsbury’s, Asda, John Lewis, Marks & Spencer all have these. These are a different breed and can be used anywhere. Many have loyalty schemes attached – eg Tesco’s Clubcard credit card and Sainsburys’ Nectar points, etc.
I am in debt and I need help
I'm in debt!! How do I handle this? What should I do? It seems to be getting worse.
Okay, so if you are reading this page your creditor(s) are currently trying to contact you. They've told you to pay up or face the consequences. But you just don't have the money to pay. They might even have passed your debt over to a debt collection agency.
Phone calls, Letters and Home Visits
The debt collection agency are now harassing you constantly with phone calls. They are sending you letters and threatening to visit you at home.
What are you going to do?
Well, the first thing you need to know is that you are not alone.
There are many people all over the country that are in the same situation as you are. The more affluent they are, they more trouble they seem to be in. There are various reasons why people get into debt. From being made redundant from your job, a reduction in working hours, welcoming a new baby to the family, sudden illness, your business not doing as well as expected, struggling to adjust your household expenditure to the current climate of austerity or just over spending and living beyond your means.
Is there a solution?
Yes!
There are various solutions available to help you pay your debts off in a way that ensures your repayments are affordable.
In most instances, the interest charged on your debts can be frozen so the debt doesn't continue to increase.
You can then agree a repayment plan with your creditors at a sensible amount that ensures you can still cover your living costs within reason.
