As charities, consumer groups and the Bank of England worry about the threat of a growing bubble of unmanageable consumer debt, the tills at high street shops have been pinpointed as one source of the growing problem. It is here where store cards are sold to consumers, with their sky-high interest rates which can typically come in at between 25%-30%.
Essentially credit cards which can only be used in one particular store for example, Miss Selfridge, New Look or Topman store cards have been identified as a growing problem. Online complaints service Resolver has seen the number of complaints almost triple compared to last year. They frequently offer introductory offers to new customers, such as 20% off a first purchase.
A survey earl…
Read the full article at: https://www.theguardian.com/money/2017/jul/08/debt-store-cards-sky-high-interest-rates-growing-problem-complaints
