Outstanding credit card balances rising

Average balance transfers now stand at £2,933, Moneyextra.com claims, a staggering 10.6 per cent rise in debt on the month before.

“Outstanding credit card balances have risen by almost 20 per cent since April and they’re set to rise further – with holiday costs, back to school costs and year-end festive spending to come,” said Moneyextra’s Robin Amlot.

The website’s findings come as the Bank of England reports that credit card debt doubled in growth on June’s figures, from £0.1 billion to £0.2 billion.

Although average credit card debt had been falling for the past year, it now appears that use is surging again.

“It’s more important than ever that people make sure they have the right credit card for their circumstances,” warned Mr Amlot.