Borrowers have been offered some debt management advice from an industry insider.
A spokesperson for the Consumer Credit Counselling Service has urged people to shop around for the best deal on financial products.
“Often we end up sticking with the same provider when we could perhaps find a more advantageous rate elsewhere,” he said.
The official added that despite high interest rates being charged by some lenders, there is a degree of “sympathy” felt for credit providers as they are “being squeezed from every angle at the moment due to government regulations”.
It comes after a survey by the Post Office revealed that 2.6 million credit card users intend to pay out more on their cards for everyday purchases in 2009 than they did last year, with an average spend in January standing at £318.
And this trend is not particular to a single socio-economic group as it affects borrowers from across the UK, the organisation warned.
By Jamie Price