Would you credit it?

Insolvency practitioners Harrisons, of Fishergate, York, who conducted the research in Parliament Street and Coney Street, said it was possible for a single shopper to acquire the credit by applying for store cards with different retailers along the area.

"Credit available in individual stores ranged from £100 up to £5,000, with nearly all the cards applying interest rates of between 20-30 per cent, significantly higher than most credit cards, loans and overdraft facilities," said partner David Horner.

He claimed the survey indicated the potential dangers which can be caused by the ready availability of credit, and said the increasing popularity of store cards was getting more and more people into excessive debt.

"This just shows how easy it is to acquire substantial debt at high rates of interest as you walk down the high street. The easy availability of this ready credit does our economy no good, and the Government should clamp down on it to prevent more people going bankrupt."

He said bankruptcy levels across the UK had grown in recent years, with the total number of individual insolvencies in England and Wales this year set to be the highest since 1994.

"Obviously, part of the responsibility lies with the shopper, and most people take care to keep a check on their spending and ensure they aren't living beyond their means. However, those who do overspend can quickly become immersed in a spiral of debt that is perpetuated by large interest demands and becomes very difficult to get out of."

He said store cards had grown in popularity over the last ten years, with the majority of high street retailers now offering them in some form.

Anyone applying for a card would first have to undergo a credit check with the relevant company to check their credit history before they were accepted on to the scheme.

PICTURE: CARD DEALS: David Horner, partner with York-based insolvency practitioners Harrisons, pictured in Parliament Street with handfuls of credit cards