Store Credit Incentives Still Contributing to Scottish Debt Anguish, Trust Deed Scotland® Reports Monday 16 March 2015 PDF Print Debt problems can spiral out of control incredibly quickly and may leave those who cannot keep up with extra charges Leading providers of trust deeds, Trust Deed Scotland, have commented on the recent reports that show Scots are still suffering from a ‘buy now, pay later’ culture. New research has shown that aggressive sales tactics that encourage store card sales still exist in some of the country’s leading retailers, with shoppers paying a high price for the luxury. In 2011 and before, retailers would pay commission to staff whenever they sold a store card and offered price reductions as an incentive. However, the government banned commission and stores were ordered to implement a seven day window before shoppers could utilise discounts. Despite the ban on commission in 2011, some high street chains still offer ‘benefits’ to staff who sell branded credit cards at the checkout. Founder of Fairer Finance, James Daley, has reported that some stores are now moving towards branded credit cards. These will charge lower interest rates but will carry similar dangers for Scottish high street shoppers. “For some, these cards can be a very good deal if they pay off the balance in full because you take advantage of the big discounts. But the problem is that many of these cards have to be sold to people who are disorganised with their finances and will have to pay back the interest in order to be profitable to the retailer.” Debt Advisory Centre Scotland research showed that out of the consumers using credit on store cards, around 15 per cent are in arrears. These shoppers can expect to pay twice the interest usually seen with credit cards, as well as numerous penalties. The study confirmed that 25-34 year olds are most vulnerable to store card debt, with a quarter of users falling behind on their repayments. As a debt advisory service, Trust Deed Scotland takes a keen interest in relevant industry news. A spokesperson for the company stated: “Store cards are targeting young people who may not understand what they are agreeing to and may suffer from interest rate charges and debt at a later date. “Alluring shoppers with tempting promises of discounts is sure to only worsen the debt situation that is already existent amongst young people in Scotland. Shoppers should think carefully before taking on any form of credit and must consider whether they can afford to repay what is owed without incurring any interest and charges. Debt problems can spiral out of control incredibly quickly and may leave those who cannot keep up with extra charges and interest in a compromising debt situation in a matter of time. Those already suffering with store card debt should contact a debt advisory service in order to take positive steps towards resolving their situation.” Trust Deed Scotland® Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Personal Finance, Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.