Store card debt is becoming very common as store cards are becoming more popular with Australians. Many of the larger retailers like Myer and David Jones offer store cards. Store cards work like credit cards but the store card is restricted for use with the retailer that issues the card, which means you may not shop around for the best deal.
How do people develop store card debt?
People tend to incur store card debt more easily as they find the temptation to shop with their favorite retailer harder to resist. However, the interest on a store card is usually higher than credit card interest and it is therefore becoming more common for people to have store card debt problems. The average rate of interest for store card debt is usually above 20% p.a, which makes store cards significantly more expensive than credit card debt. The cost of interest on store cards can become very significant to the average household budget.
If you allow your store card debt or other debts (such as Credit Card Debt, Personal Loan Debt, or Finance Arrears) to mount up you may lose control of your personal finances and spiral into bankruptcy.
How can Debt Free help me overcome Store Card Debt?
The solutions we can provide may be:
The appropriate solution will depend upon your individual store card debt and financial circumstances.
We will assess your financial situation using our Best Advice Model and will recommend the most appropriate solution for you. We’ll discuss your situation in a strictly confidential and empathic manner. Our debt advice professionals will discuss your needs free of charge and our advice will be provided without any obligation.
Call Debt Free today so we can discuss what solution meets your needs.
