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People who are offered deals on credit card deals which seem too good to be true should read the fine print before committing, an expert has said.
Susan Hannums, savings manager for independent financial advisor AWD Chase de Vere, said that lenders compete fiercely to attract consumers to their cards because such custom is "hugely profitable".
Banks made a total of £240 million in transfer fees from credit cards offering zero per cent interest rates in the UK last year, according to This is Money.
Regarding what consumers themselves can do, Ms Hannums commented that Britons should be "sensible" when managing their spending and saving in order to avoid debt problems.
"Debt in this country is completely out of hand. At some point you`ve got to start clawing back and be sensible with your spending," she remarked.
She added that recent interest rate hikes have caused many people to take a closer look at their finances and be more cautious.
