Exhibit 99.1


[The Credit Store Logo]





Contact:     Michael Philippe
             Chief Financial Officer
             (605) 339-7520

FOR IMMEDIATE RELEASE

            The Credit Store, Inc. To Complete Restructuring Plan in
                           Chapter 11 Reorganization

SIOUX FALLS - August 15, 2002 - The Credit Store Inc. (AMEX- CDS) today
announced that, in order to facilitate the completion of its restructuring
initiatives, the Company filed a voluntary petition for reorganization
under Chapter 11 of the Bankruptcy Code. The Company is negotiating a sale
of its assets and expects, subject to overbids in Bankruptcy Court, to
conclude a sale, recapitalization, or merger in the next 30-45 days.

     The Court has scheduled a hearing on the Company's first day motions on
Friday, August 16, 2002, before the Honorable Irvin N. Hoyt at the U. S.
Bankruptcy Court in Pierre, SD.

     The Company said its decision to seek judicial reorganization was based on
a combination of factors, including a rapid decline in liquidity when it was
unable to obtain additional financing and/or accommodations from its existing
creditors and was unable to extend the maturity of its credit facility with
Coast Business Credit.

     The Company has retained J. Richard Budd, of Marotta Gund Budd & Dzera,
Management, LLC, as Corporate Restructuring Officer to assist the Company in its
reorganization, and the law firm of Neligan Stricklin, L.L.P. as special
counsel, both subject to court approval.

Forward Looking Statements
This press release contains certain forward-looking statements on which
readers should not place undue reliance. Factors that may cause our actual
results to differ from those projected include: our ability to achieve
positive cash flow from operation, our ability to obtain additional capital
to finance our operations, our ability to sell or securitize our performing
credit card receivables and general economic conditions. These and other
risk factors are more fully discussed in the Company's Annual Report on
Form 10-K for the year ended June 30, 2001. We caution you that the list of
factors above is not exhaustive and that those or other factors, many of
which are outside of our control, could have a material adverse effect on
us and our results of operations. All forward-looking statements
attributable to persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements set forth herein and in our
Annual Report on Form 10-K. We assume no obligation to publicly release the
results of any revision or updates to these forward-looking statements to
reflect future events or unanticipated occurrences.