Credit card debt cheaper than store card

Using a credit card instead of a store card could help you avoid serious debt problems according to one expert.

Martin Bamford of Informed Choice says store cards are usually more expensive and have higher penalty charges. He warns that the fine print on store cards is not always explained to shoppers.

Bamford says: "You are much more likely to get a better rate of interest from your credit card, particularly if you move to a balance transfer deal in the future".

If you are already struggling to pay back debts, it is a good idea to get advice about solutions like Individual Voluntary Arrangements (IVAs).

A person with over £15,000 of unsecured debts, like on store cards, can pay back a more manageable amount each month over a period of 5 years.

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