Store cards can be extremely tempting as having the option to ‘buy now, pay later’ can be useful. This is especially true when products must be purchased, such as before Christmas or when something needs to be replaced.

However, the terms and conditions of store cards can be surprising. What started as a few innocent purchases can quickly turn into debt. As interest continues to accrue and the outstanding balance grows, it can be difficult to picture a time when the store card clears.

Our advisors hear this story all too often. If it sounds familiar, that’s because we frequently deal with cases where store card debt becomes unmanageable. We’ve helped these people, we can help you too.

If you are thinking about getting a store card, then here are some important things to note about them before you make your decision:

The rate of interest on store cards can be surprisingly high. Typically around 30% – although this figure can be higher – it’s not unknown for shoppers to acquire a store card without understanding this.

Often store cards draw you in by giving a percentage discount on your first purchase. For example, they may say you’ll get 20% off a handbag if you pay for it on your store card. If you do manage to pay the store card by the end of the month then you will have saved money. However, if this payment is missed you will begin paying a high level of interest which might have made it cheaper to purchase on your credit card.

Store cards are usually only accepted from the chain that you bought it from. This may just be one shop or include the other brands the store owns. A store card for John Lewis is also likely to work in Waitrose. However, this is still limited compared to a credit card which you can use anywhere. It also might mean you don’t shop around for the best deal as you only go to one store.

Store cards are often sold by sales assistants at checkouts. This means people can purchase them without having full knowledge of the credit aspects. As sales assistants aren’t qualified financial advisors, they are unlikely to know if a store card is the right form of credit for you. Make sure you do your research and know the full terms and conditions before committing to one.

Have you been getting warnings about your store card being in persistent debt? This means you have only been making the minimum repayments on your account for the last 18 months.

It is a good idea not to ignore these warnings and get help if you’re struggling with your store card repayments. First you should contact the store, sometimes they will be able to freeze the interest on your account.

If you find yourself in store card debt, then don’t worry. You can get in touch with our team of specialist advisors. With no obligation on your part, we can assess your circumstances, listen to your story, and find your ideal debt solution.