A credit card comparisons report was issued today by the Office of Fair Trading (OFT).
The report, which followed a complaint from Which? which claimed that consumers often took out credit without knowing the cost issues that came with this kind of borrowing.
Following an investigation, the OFT has recommended the creation of a new, independent, price comparison website from regulator the Financial Services Authority.
Improvements in credit card provider's advertising and a 'standardisation of terminology' on company literature were also needed, the report said.
OFT chief executive John Fingleton commented: "No-one wants to throw money away, but consumers who don't shop around for credit cards are doing just that.
"It is essential that consumers are given the right tools to make comparisons between credit cards more easily, and we can achieve this through some of the recommendations announced today."
Research from the OFT has shown that 70 per cent of credit card holders did not shop around in purchasing their current card.
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