Store Cards

If your store card accounts are overdue or entering ‘persistent debt,’ we can assist you in repaying them and restoring your financial stability. Through a debt consolidation loan, you have the opportunity to settle your creditors, resulting in a single affordable monthly payment.

Interested in learning more? Keep reading!

What is a store card?

A store card functions as a specific type of credit card usable only at designated stores. Similar to credit cards, you utilise them for purchasing goods, with repayments scheduled for a later date. However, a common issue is that many store cards carry high interest rates.

What begins as a modest purchase can quickly escalate into a situation with significant consequences. Amidst mounting financial pressures and escalating interest, settling a store card balance can sometimes seem like an insurmountable challenge.

Why Choose Us?

One Affordable Payment

Focus on only one monthly payment.

Bad Credit?

No problem. We consider all credit scores – even bad ones!

Expert Advice

We are experts in debt solutions.

No Upfront Fees

No hidden upfront fees to worry about.

Tailored for you

Real rates tailored just for you.

Quick Application

Our online application only takes minutes to fill out. Start now >

Why Choose Us?

Store Cards

Focus on only one monthly payment.

Bad Credit?

No problem. We consider all credit scores – even bad ones!

Expert Advice

We are experts in debt solutions.

No Upfront Fees

No hidden upfront fees to worry about.

Tailored for you

Real rates tailored just for you.

Quick Application

Our online application only takes minutes to fill out. Start now >

What is considered an excessive number of store cards?

Similar to many financial queries, the answer to this question hinges on your specific circumstances. However, if you find it challenging to meet the repayments and you have accumulated substantial store card debt, it’s likely that you have too many.

An alternative method to assess if you possess an excessive number of store cards is to examine your credit utilisation ratio. This metric reflects the amount of available credit compared to how much credit you are utilising. Typically, it is advisable to maintain this ratio at approximately 30%.

For example:

  • Pete has two store cards and one credit cards that each have £2,000 worth of credit.
  • This means Pete has the available credit of £6,000.
  • Pete spent £3,000 on these cards, which means he has used 50% of his credit.
  • This means his credit utilisation is more than the recommended amount.

Advantages and Disadvantages of Store card

Advantages

Disadvantages

Is debt consolidation worth it for store cards?

Is debt consolidation a worthwhile option for store cards? To assess its worth, you should ensure that your total payment is less than what it would be without a consolidation loan.

For instance, if you possess three store cards with balances of £500, £200, and £300, each at Representative 29.9% APR, over two years, you would repay nearly £1,300 to clear the original debt, assuming no additional spending.

On the other hand, if you opt for a £1,000 debt consolidation loan at Representative 12.9% APR, you would repay approximately £1,130 over the same period. In this scenario, you would save £170 in interest over two years.

This calculation doesn’t account for other debts you may have. By consolidating all these debts into one loan, debt consolidation might indeed prove to be worthwhile.

For personalised advice regarding your specific circumstances, please consult with one of our team members.

Is debt consolidation a viable solution for me?

If you’re struggling to meet the payments on your store cards, debt consolidation could help by closing these accounts and allowing you to focus on a single monthly loan repayment.

If you’re considering a UK debt consolidation loan, it’s advisable to close your existing store cards once you’ve paid off the balances. Keeping these cards open may encourage ongoing spending, potentially leading to further debt.

To determine if you qualify for a debt consolidation loan, reach out today, and we’ll assist you in finding the best solution for your needs.

Our online application involves a soft search, preserving your credit rating, and we consider all credit histories. Keep in mind that the lender will conduct a hard credit check, which will be visible on your credit file.

Through debt consolidation, you have the ability to:

Stop calls from creditors

Stop relying on others for money

Bills easier to manage

Regain financial control

Have disposable income in your account

Keep track of your payments

Through debt consolidation, you have the ability to:

Stop calls from creditors

Stop relying on others for money

Bills easier to manage

Regain financial control

Have disposable income in your account

Keep track of your payments

Ready to get started?

Start your journey with our swift and user-friendly online application.