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According to officials from the Office of Fair Trading many people may be paying way over the odds for their credit card borrowing, and the lenders that provide these cards could be raking in around *400 million every year simply because of the confusion that they cause amongst borrowers with their small print.

Officials from the OFT have said that the confusing small print, which tends to be filled with financial jargon and technical terms that the lay person would not really understand, is resulting in many spenders paying out more than they need to for the privilege of using a credit card. The OFT is now trying to help consumers to avoid cards such as these.

In a recent report the Oft has revealed a number of steps that it plans to take in order to help consumers to avoid rip off credit cards. These steps include making car providers use a section on statements to provide honest and transparent information about charges, setting up a price comparison site for consumers to use, and banning the use of small print filled with complicated jargon.

In order to try and get the best card without getting ripped off consumers will be able to use the OFT's online facility to punch in details about their spending and repayment habits, and this will then provide them with a list of the best value cards for their needs and circumstances, enabling them to choose the one that best suits them.

Officials from the OFT have stated that at present different credit card providers use different formats and terms to highlight their terms and conditions, and this needs to be changed so that all credit card issuers are using the same terms and formats. Officials also added that consumers need to spend more time shopping around, as at present around 70% fail to shop around for the best deals.

Credit cards have caused major concern over recent years, as they have taken much of the blame for the huge and rising personal debt mountain that UK consumers have accrued.