According to research from uSwitch, millions of UK consumers might need as long as 31 years to pay off their credit card debts in full.
The average minimum payment that providers will allow consumers to make has shrunk from 2.65% to 2.54%, meaning those that pay the smallest amount every month will end up owing more in interest.
As an example, people who make the minimum monthly payment of two per cent on a £1,288 holiday would take 31 years to pay off the debt and end up paying around £3,893.