Consumers are being urged by Monefacts.co.uk to use their credit cards wisely to enable them to save thousands of pounds.

One of their leading analysts, Michelle Slade said, “With families disposable income greatly reduced, many will be reaching for their credit cards to buy some luxuries over the summer. Whether it’s a family holiday or days out, the costs can soon mount up. If only the minimum repayment is paid each month, many could find themselves paying more than twice as much for their purchases.”

The level of overspending for something on a credit card was explained, Ms Slade said, “If you spent £3,000 on a credit card charging 15.9% APR and repaid the minimum of 2.5%, you would end up paying an additional £2,729 in interest and it would take you 25 years and 2 months to repay the debt.

“Just be repaying a small percentage, more customers can save thousands.”