It has been revealed that credit card firms could be forced to double the amount customers have to pay back each month.

The revelation comes after the government revealed a scheme to reduce the UK’s ever rising debt levels.

Minimum repayments could jump from 2 to 5% under the new plans announced by consumer minister Kevin Brennan yesterday.

He said a borrower paying back just 2% each month would take 40 years to clear a debt of £1,800, and end up forking out £4,600 in interest - three times the amount borrowed.

As a result, Mr Brennan wants credit card companies to use customers' repayments to clear higher rate debts before those at 0%.

Brennan said: “Some marketing by these companies seems designed to get consumers into borrowing more than they can really afford.”

Andrew Hagger, from a financial firm, embraced the proposal because: “People are being crippled financially,” he said.