Especially at this time of year the department stores will have their sales people rigorously patrolling the shop floor looking for unsuspecting shoppers…BEWARE!

I’m not against credit cards or loans or store cards in general but I feel the need to warn people when the average store card APR (Annual Percentage Rate) is usually TWICE the APR of a credit card - approximately 26 to 30 per cent APR on a store card, compared to 13 to16 per cent APR on a credit card. This is no joke!

So when you’re about to spend hundreds of pounds in store; you’re at the till and the cashier asks ‘Would you like to take out our store card today sir/madam? We’re offering 20 per cent discount on all purchases only for today’ – you say ‘No thank you’. And, if they ask why, you ask them ‘Do you know what the APR is? I’m not paying that’.

For me, it is totally unbelievable as to why people still take out store cards. Just, please, do not be fooled into applying for the card just because you can get a discount. If you know you cannot afford to pay the full balance off every month you will be charged, typically, up to 30 per cent APR. Not such a great discount after all, is it?