August 14, 2008
Store cards more expensive than loans
The Alliance and Leicester has warned consumers ,who are using store cards, that they may be paying up to three times more interest than current personal loan rates. The bank has claimed that nearly a quarter of all UK consumers own a store card and are being charged around 26% interest.
Unfortunately, this high rate of interest may cause a large amount of consumers to fall into debt. Those who find that they have accrued store card debts should consider seeking alternative ways of repayment.
Industry analysts stated that store cards are widely considered to be one of the most expensive credit products on the market.