What to do if you Cannot Repay your Store Card

What to do if you Cannot Repay your Store Card

A store card is quite an expensive way to borrow money, which means that it is sensible to repay it in full when you get your monthly statement. There are a lot of people though, who will only pay off the minimum balance but they will then be charged interest on the remaining balance and this could add up to get very expensive if you leave it unpaid for a long period of time. This is why it is really important to repay the full balance, but what if you struggle to repay?

Pay off in instalments

If you cannot afford to pay off the whole balance then it is wise to pay off as much as you can. This will mean that you will be charged less interest and so the loan will be cheaper. Paying off as much as you can afford will allow it to be repaid more quickly than if you just repay the minimum. If you wait until you have the full amount required to repay it then you will end up paying more interest so it is better to pay as you can. You could decide on specific amounts to pay each month or you could just pay in ad hoc amounts when you have spare money.

Do not use the card until repaid

It is wise to stop using the store card until you have repaid the outstanding balance. If you keep using it and borrowing more money then it will be more difficult to repay it. Hopefully it will not take you that long to repay it and then you can decide whether you want to use it again. Once you have cleared the card, if you are using it again then consider setting up a direct debit to pay the full balance each month so that you cannot get back to the point that you are now.

Try to cut spending elsewhere

It can be helpful if you cut down what you are spending elsewhere so that you can afford to repay more on the card. This may not be easy but it will just be for a short amount of time until you clear the debt. Try to prioritise your spending so that you just buy essentials and do not but luxury products. So, make sure that you pay for everything that you have to buy do not buy those little extras. It can be useful to keep comparing prices to make sure that you are not paying more than necessary for the items that you are buying.

Try to earn some extra money

It can be useful to see if you can earn some extra money and put it towards repaying the card. This could be easier for some people than others. It may be that you will be able to take on more hours in your job or do some overtime and get paid for that. You may have some items that you can sell in order to make some extra money. It may be that you can take on a second job, do some freelance work or find a way to earn some extra money online. There are lots of opportunities out there, you just need to find the right one to suit you and your lifestyle.


Hopefully, if you try some or all of these things you will be able to pay off your card. It can be quite daunting, but once you start whittling down the debt you will be able to see that you are making progress and it will hopefully encourage you to keep going. It is worth keeping in mind why you are working so g=hard and the reward that you will have at the end of no store card interest to pay. It can even be worth writing this down to remind yourself each day so that you stay focussed. It can feel like you are punishing yourself because you are not able to spend money on things you might like, but realising that it is for yourself that you are doing it, should help. You might even start to think of new ways that you can pay the card off more quickly so that you can move towards your goal faster. It will be hard, particularly if you have a large amount to repay, but it will just be for a small amount of time and then you will be able to go back to how you were. But do be careful to then keep a track of your card spending and make sure that you feel confident that you will be able to afford to repay it in full each month. Try not to spend too much on it and always be aware of how much you have spent so that you know if you should stop spending until the next bill arrives so that you can afford it.


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