The gap between the interest rates charged by some credit card providers and the Bank of England's base rate has never been higher.
A new study by MoneyFacts has found that some credit cards are charging rates as high as 30 per cent – with the average rate being a still-high 18.8 per cent.
But it seems a growing number of credit card users are getting the hint.
Spending on credit cards fell by 3.7 per cent in January as compared to a year before.
New lending for the year was down 8.3 per cent, but repayments were also down – by 7.8 per cent.
And that repayment problem is becoming a bigger issue for a growing number of people. A study by Equifax found that 75 per cent of credit card users allow balances to trail from month to month, instead of paying off their balances in full.