A survey by moneysupermarket.com has found that more than 14m people are using their credit cards for day-to-day spending, with one in five carrying three or more cards, the Telegraph reports.

Although credit card interest rates have reached their highest level in 12 years (according to Moneyfacts), many card holders are still using their cards frequently – taking on debt to pay for everyday costs such as petrol and food.

An IVA expert for the IVA Forum commented: “Credit cards can be a useful way to spread costs. However, becoming reliant on them can lead to serious debt problems.

“We would advise anyone who finds that they are forced to use their card to afford basic costs to contact a professional debt adviser without delay.”