According to the experts, there have been signs that the money market is starting to improve, which should lead to some relief for us all as banks will not struggle so much and will be able to allow a few more good value deals to enter the market.

However, according to figures from the London Stock Exchange, the improved money markets have not benefited customers as yet, with the price of borrowing continuing to rise.

Bank of England rate cuts have made little impression on the floundering credit market and The cost of borrowing has risen by 0.6 per cent across the board, according to research from price comparison site, moneysupermarket.com.

According to their figures, where the average price of borrowing was 16.8 per cent back in February, it now stands at 17.4 per cent.

The price of borrowing is now much higher than what we are used to, with over 70 credit cards charging a rate higher than 17.9 per cent.

Sean Gardner, chief executive of the site, said: "Mortgage customers might complain about rates of six or seven per cent but for credit card customers the charges are much higher. And with some cards charging more than 40 per cent it really seems like the sky is the limit.

"There is however still plenty of choice in the credit card market and a lot of competition. Customers paying higher rates on debts should review their credit card as a matter of urgency and switch."

Mr Gardner also added that he would recommend using a price comparison site in order to find the cheapest credit card deal.