Often charging higher rates of interest than other credit cards , store cards should be avoided, according to one expert.
Sean Gardner, chief executive of MoneyExpert.com, urged consumers not to be "lured in" by "gimmicks" associated with such cards.
"Invariably people forget about spending on their plastic, or they use credit precisely because they know they won't be able to repay the debt immediately," he warned.
Consequently, using store cards can be one of the most "expensive" ways of borrowing , he advised.
Research by the firm found that store cards charge an average interest rate of 24.4 per cent, with several providers increasing their APRs recently.
Last month, Susan Hannums, savings manager for AWD Chase de Vere, advised Christmas shoppers to avoid using store cards unless they were in a position to pay them off "immediately".
Arguing that their interest rates are "notoriously high", Ms Hannums said people could "negate" the introductory offer they received by failing to pay them off.
News Side
Consumers told to avoid store cards
Fri, 16 Nov 2007
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