Millions of consumers face years of debts from “Dangerous Borrowing Rate” and hidden charges on store cards, Which? Money has warned.
The consumer group have found shoppers often face fees for not using their cards as well as for having their account that is in credit. Approximately 13 Million Britons hold store cards from some of the biggest retail chains including M&S, Argos and Debenhams. The cards have interest rates of up to 30% which is 60 times the bank of England’s base rate of .5%.
Tim Corfield, the Managing Director of Griffin & King commented that cards should be used very carefully. “You need to clear the balance in full each month or you will pay a lot more for the items than their original costs”.
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