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Millions of credit card customers could wind up prolonging their debt if they make only the minimum payment to their credit card, it has been claimed.
Just over one in ten credit card holders makes the minimum repayment on their card, according to uSwitch.
Meanwhile, research undertaken by the company reveals that 60 credit card providers have instituted minimum repayments which are less than three per cent, while the average throughout the sector is 2.65 per cent.
Mike Naylor, personal finance expert at the firm, said that raising the minimum amount to be repaid could help combat the nation`s debt problems.
He advised that people pay more than the minimum repayment, both to get out of debt more quickly and to avoid paying high interest.
A recent MoneyExpert.com study stated that Britons paid over £50 million in penalty charges during the last six months for missing credit card payments.
