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Stores and catalogues offer tempting offers
and discounts to start using their own credit
as a way to pay for things you want.
Sure - you can pay off your bill in one go –
possibly making it a good way to save a bit
of money when it’s something you needed.
But when you start spreading the cost,
you’re whacked by pretty high interest
rates: around 20 - 30%!
As we said, the interest rates and charges on
store cards and catalogue debts are mostly
sky high! If you only pay the minimum payment
they ask for, it might not cover the interest
and repayments. This increases your debt and
you’ll owe even more. So many people fall foul
of this because it’s not at all obvious. Let’s look
at it another way. Think of the money you’ve
borrowed as growing all the time. If you’re just
paying off tiny bits, the rest sprouts arms and
legs and can really get you into trouble.
If you’ve had second thoughts about the things
you’ve ordered or you’re worried about debt,
you have a right to return them up to 14 days
after you’ve received them. You might have to
pay the postage, or have the hassle of taking
them back to the store, but it’s a lot better
than getting into debt.
If you miss payments or don’t make the
minimum payments, the company will ask you
to catch up with the backlog. If you can’t pay
that, then your account will do something
called ‘default’. It means they’ll probably take
more action against you with a debt collector
or taking you to court.
What’s more, your account with them may be
frozen so you can’t buy anything else.
We can help if you’re falling behind with
payments. Get in touch and we’ll help you
look at your options.
Get BacktoBlack. Talk to us today
Or, take your first steps to debt freedom
with our online form
team of experts
can help you
on your way to
Click below and we’ll tell you a little bit
more about us. Our story is based around
our experience with problem debt.
Find out why we enjoy what we do here at
BacktoBlack, what makes us tick, and how we
can help you change your life for the better!
Don’t worry, we know how you feel.
All these fancy debt words are hard to keep
track of. So to make things easier for you, we’ve
put together a BacktoBlack Debtionary to help
explain the jargon! That way you’ll be up to speed
in no time at all, and ready for that pub quiz.