Many consumers who take on a debt consolidation loan have store cards, which have contributed heavily to their overall financial problems.
This kind of plastic is consistantly black listed by leading financial analysts, who publicise the sky high interest rates and penalties for late payments.
Yet despite this, more people than ever seem to get their hands on highstreet credit, ignoring the warnings of consumer groups like Which?.
Interest on store cards is often somewhere close to 30%, which easily overrides the discounts offered on products, unless you pay the balance off immediately - which most people tend not to!