He added that the decision of many providers to cut interest-free periods on their plastic could impact on the budget of people who regularly use credit cards.
"If you are used to paying your credit card at a certain time of the month and you suddenly have to pay it two weeks earlier then you might find that effectively you can't," he explained.
"I would always advise people to shop around and look for the best deals for themselves because if you are not getting the best [deal] that you can for yourself, then you might as well just stand on a street corner tearing up fivers."
Paul Davies, the head of money research at consumer body Which?, recently stated that consumers should use comparison sites to increase their awareness of the best credit card rates available to them.
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