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Brits 'wasting £2.3bn' on credit card charges

Consumers in Britain waste around £2.3 billion on credit card charges every year, research has revealed. has found that credit card users pay this amount in interest by leaving debt on their existing credit cards.

Findings also show that almost half of Brits do not pay of their credit card balance in full every month and that a fifth are worried about their current credit card debt.

Kevin Mountford, head of banking at, said: "As the nation's wallets continue to be squeezed by higher living costs, it is crucial consumers look to pay off their debt quickly and efficiently to prevent additional interest from accruing.

"Switching to an interest free product is a simple step that can help consumers save money on interest payments, meaning they can pay off their debt quicker."

However, he added that those with an unfavourable credit score may find it difficult to obtain a zero per cent credit card.

If people are in this situation, Mr Mountford suggests consumers look at their outgoings and try to pay down their debt.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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