Tag Archives: store card

“I was running out of money, so was relying on credit cards”: Rosie’s story

posted by in Living with debt Leave a comment

With 10% of our clients stating separation or divorce as the reason for getting into debt, it’s the fifth most common cause of financial problems that we see.

This is the situation Rosie* from Leicestershire found herself in when she separated from her partner three years ago.

Already struggling to meet payments to credit cards, she had to rent a property for herself and her daughter to live in. Rosie found it difficult to pay the letting agent’s fees and furnish the home, and soon found her financial situation spiralling further out of control.

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Payday loan debt: why your household bills could suffer

posted by in Budgeting Leave a comment

UPDATE: 1 July 2014 – new rules from the Financial Conduct Authority (FCA) means that payday loan companies:

  • cannot rollover an outstanding payday loan balance more than twice
  • must send the debtor an information sheet with contact details for various debt advice organisations. A copy of this information sheet can be seen here
  • cannot make more than two attempts to deduct money from a debtor’s bank account by means of Continuous Payment Authority (CPA) unless a rollover has been agreed (will link to MA blogpost ‘how to cancel a CPA)
  • Must now include a prominent risk warning on all financial promotions.
It's hard to juggle high cost credit and household bills

It’s hard to juggle high cost credit and household bills

Many people up and down the country are falling behind on their most important household bills. And it looks like many people may be turning to high cost credit just to cover those essential living costs. 

This can only spell trouble in the long run, especially if recent figures are anything to go by.

If you’re struggling with both priority arrears and high cost credit debt, then we’ve got some very important advice for you…

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The pros and cons of in-store credit

posted by in Budgeting Leave a comment

Credit cards in hand with shopping bags

Can you afford to use credit for your purchases?

According to a recent article in The Guardian, latest figures from the Finance and Leasing Association show that in-store credit agreements rose by 25% in the second quarter of 2012 compared to the same period last year.

In-store credit does exactly what it says on the tin – it’s a means to buy an item on credit and pay for it over a certain period of time. It’s called ‘in store’ because it can only be used in a particular store or group of stores. It’s credit because you take the item home on the understanding that you will pay on time until the agreement comes to an end.

For many people, using in-store credit can satisfy that ‘must have it now’ urge that we encounter daily. At some point we’ve all wanted a certain item and lamented the lack of pennies in our pockets to buy it. This feeling can grow every time we watch an advert break or flick through a magazine.

We’re bombarded with smiley, happy people, surrounded by stuff that apparently makes them smiley and happy. It can seem like everyone has what they want or need in life, except us.

Sound familiar? Then we may need to talk.

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