GE Money are considering selling up and getting out of the UK store card market, as the amount of debt the British are piling up on plastic continues to soar.
GE, along with other companies in the £2.5 billion store card market, have been heavily criticised over the extortionate interest they charge for using their products. They provide storecards for top highstreet stores such as Debenhams and TopShop and represent in excess of 50% of the whole market.
However, despite such success the negative press along with fears regarding the state of the British economy has forced the company to review their position.
The group have already performed the same trick in the US where they are openly looking for buyers to take over following a dip in consumer confidence.
People in the UK experiencing debt problems have been advised for a long time to avoid store cards because of their excessive interest charges and penalty fees.