The move comes after new statistics revealed the extent of Britain’s huge credit card debt. Research from Datamonitor revealed that the country’s collective debt on plastic soared by 62 per cent over the last four years.

The findings will be discussed in a report by the Commons Treasury select committee, which is investigating credit card companies’ transparency.

Indeed, MPs will now take companies’ practices to task, amid fears of hidden fees and high interest charges.

MPs said the findings demonstrated that borrowers were juggling cards and paying the minimum required on each, a situation ripe for serious debt.

Liberal Democrat MP and Treasury select committee member Norman Lamb told the Times: “There needs to be a recognition by the Government that the problem of consumer debt, fuelled by rising house prices, needs to be addressed.”