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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Store card users could be risking debt problems

25/11/2009

Research carried out by consumer group Which? has found that some store cards are charging up to 31% APR (Annual Percentage Rate), potentially putting some consumers at risk of unmanageable debt, the Telegraph reports.

The study claimed that an `indebted graduate`, with earnings of less than £1,000 this year, was able to secure around £3,000 of debt from a handful of high street retailers.

According to the Finance & Leasing Association, there are currently around 15 million store cards in circulation, with around £3bn worth of purchases made on them.

James Daley, editor of Which? Money, commented that although the interest rates are high, "the real problem is the accessibility of store cards. You can sign up for a store card at the checkout, and start spending there and then."

A spokesperson for Debt Advisers Direct added: "As with any form of credit, it is essential that anyone thinking about taking on debt thoroughly understands all the terms and conditions of the contract - including the implications of the APR - before they commit to anything."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according