Comments on: Conservative Party Blames Britain’s Debt Situation on Store Cards http://www.reportbuyer.com/blog/conservative-party-blames-britains-debt-situation-on-store-cards/ Sharing intelligence Sun, 12 Oct 2008 06:34:47 +0000 http://wordpress.org/?v=2.2 By: Marie Harvey http://www.reportbuyer.com/blog/conservative-party-blames-britains-debt-situation-on-store-cards/#comment-137681 Marie Harvey Tue, 29 Jul 2008 10:49:04 +0000 http://www.reportbuyer.com/blog/conservative-party-blames-britains-debt-situation-on-store-cards/#comment-137681 I disagree with you with your comment that 'to place the blame for consumer indebtedness on the store card industry is clearly wrong'. As most shops who have store cards pressure their customers into signing up for them. Most clothes shops encourage customers at the point of sale to sign up to the store card and get a discount. They particularly target younger customers and students who may not have much financial knowlege and experience to know what they are signing up for. Store cards can encourage young people to get into the habit of buying things on credit which can then lead onto the same habit with credit cards, loans etc. Many store card customers have had to take out loans to pay off their store cards and so your figures above are not entirely accurate as they do not take into account debt consolidation. So I think that the Conservative Party have a very strong argument and that store cards have played a large part in the debt crisis, both directly and indirectly. I disagree with you with your comment that ‘to place the blame for consumer indebtedness on the store card industry is clearly wrong’. As most shops who have store cards pressure their customers into signing up for them. Most clothes shops encourage customers at the point of sale to sign up to the store card and get a discount.

They particularly target younger customers and students who may not have much financial knowlege and experience to know what they are signing up for.

Store cards can encourage young people to get into the habit of buying things on credit which can then lead onto the same habit with credit cards, loans etc. Many store card customers have had to take out loans to pay off their store cards and so your figures above are not entirely accurate as they do not take into account debt consolidation.

So I think that the Conservative Party have a very strong argument and that store cards have played a large part in the debt crisis, both directly and indirectly.

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