Credit card balances jump
July saw the average balance owed on a credit card increase by 10.6 per cent.
New Bank of England figures reveal the average amount owed on a credit card stands at £2,933 - the highest level in six months.
Robin Amlot, senior editor of Moneyextra, said: "Wimbledon and the World Cup may have kept people out of the shops this June but it appears they returned, credit cards in hand, in July.
"Outstanding credit card balances have risen by almost 20 per cent since April and they're set to rise further – with holiday costs, back to school costs and year-end festive spending to come. It's more important than ever that people make sure they have the right credit card for their circumstances."
Over the last two years credit card balances have yo-yoed from £3,527 in April 2005 to £2,459 in April this year.
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