Moneyextra.com: Credit card debt

Commenting on the recent statement from the Government on the threat of the country's rising credit card debt, Peter Gerrard, finance expert at Moneyextra.com, gives his insight into the situation: "It seems typical of the Government to attempt to divert blame over these very high credit debt figures from the Bank of England. It is about time they stopped debating and took action.

"Instead of condemning consumers to a fate of debt doom, they need encourage banks to listen to the tax payer, their major stakeholder in many cases, and lower their interest rates. If the banks continue to keep credit card rates as these exceptionally high rates, there is no way consumers have a chance of paying off their debit - and if that happens, our economy is at risk of a very slow recovery.

"We are eagerly anticipating the publication of the recent review of the credit and store card practices; but in the meantime, our advice to consumers, however outraged by this statement, is to take control. Go onto price comparison sites, such as Moneyextra.com, and compare the rates of the credit cards. Remember to read the small print so you don't find yourself locked into a high rate you are unable to exit from."