Store Credit Cards

According to the Census Bureau, Americans currently hold 99 million store cards. But 37% of Americans who have a store card or have had one previously say they regretted their decision. That includes 14% who say it has happened to them more than once.

Unlike general credit cards, most store cards come with just one APR, meaning everyone gets the same rate regardless of their credit score. Store credit cards also offer limited benefits since you can only use them in the issuer’s store. Low credit limits provide another disadvantage.

If you are determined to use store credit cards, there are a few pros and cons you should consider first.

You know it is good idea to get store credit cards when you:

• Regularly visit the store
  Most of these store credit cards offer rewards programs that are usually more than what generic cards can offer. You can get huge savings as long as you use it often.
• Have the ability to pay off your debt immediately
  Store credit cards can give you discounts but if you can’t pay the whole balance every month, your debt can accumulate very quickly. Make sure your purchases are budgeted so you have the money put aside every month.

On the other hand, you should resist getting store credit cards when you:

• Are trying to stay away from high interest rates
  As mentioned, these credit cards have interest rates as high as 29%.
• Already have many general and store credit cards
  Having too many credit cards can add to the temptation to spend more than your budget allows. It also makes it more challenging to control your spending and keep track of your payment due dates.

It is important for you to read all the fine print before you really consider getting a store credit card. If there is something you don’t understand, you may want to ask first before signing up.

If you are struggling with paying off store or general credit card bills, there are a number of ways to resolve your debt. The most popular programs include debt settlement, consumer-credit counseling, debt consolidation loans, and balance transfers.

While each of these options aims for the same end goal, their strategies to reach the finish line differ. Consumer credit counseling, debt consolidation loans and bank transfers share one big negative—they generally can’t reduce your debts.

The one way of doing this is debt settlement, which includes having someone negotiate on your behalf to lower the amount you owe. National Debt Relief can help you resolve your debt in as little as 24-48 months and will also support you emotionally and physically throughout the process.