- Thursday, 15 April 2010The demise of store cards should help people with
debt management problems as "nobody should be using them to borrow money", claims the head of research at MoneyExpert.
Datamonitor released figures on April 13th that showed demand for store cards had decreased by seven per cent (2009) and it is expected that lending will decline at a rate of 4.3 per cent to 2014.
Co-branded credit cards are overtaking store cards in popularity. They can be used anywhere and operate in conjunction with the banks, increasing the links between them and retailers.
Pierre Williams, head of research at MoneyExpert,said: "Nobody should be shedding tears over the demise of store cards."
He added that most "charge highly inflated rates". Watchdogs condemn them as rip-offs. Store cards can lead consumers to need
debt management.
According to the latest debt statistics from Credit Action, an average UK adult has borrowed £4,658 via credit cards, motor and retail finance, overdrafts and loans at the end of February 2010.
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