Store card users offered financial guidance

Store cards should be viewed by consumers in the same light as traditional credit card products, it has been said.

People who regularly make use of store cards are being given the chance to access advice that has been drawn up by the trade body R3.

Peter Sargent, the organisation's president, has suggested that people may face credit card debt problems if they go overboard when using store cards.

Commenting on the new R3 store card guide, he stated: "Store cards must be handled just like any other credit card.

"This advice guide was designed to make consumers stop and think."

Meanwhile, R3 has reiterated its belief that store cards should not be offered by people who do not have a good level of financial knowledge.

Earlier this month, Credit Action's director Chris Tapp suggested that the recession may encourage people who have struggled with debt in the past to manage their finances more carefully.

Posted by Gemma Walker.