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Labour MP John Mann, a member of the Treasury Select Committee, said: 'I'm pleased that at last the Bank of England is taking the issue of unsecured credit card debt seriously.'It's something that the Government seems unwilling to properly recognise, but the amount we spend on debt interest each year is rising and this is a serious issue that the Bank needs to get to grips with.'As lenders fight for business in an era of ultra-low interest rates, competition for credit card customers has become increasingly fierce.Providers seek to hook customers in with a long-term period where no interest is payable on the debts they rack up.The longest deals currently on the market, from the AA and Halifax, offer up to 30 months of interest-free spending.But they charge a hefty interest rate of 18.9 per cent after that – and campaigners have warned this long period of guilt-free shopping only encourages buyers to spend even further beyond their means.The Bank took a very different attitude to debt seven years ago, when then-deputy governor Sir Charlie Bean argued Britons should be 'not saving more, but spending more'.However, even Sir Charlie appears to have had a conversion in his new role at the Office of Budget Responsibility.The Bank's intervention was welcomed by campaigners but there were questions over why it had taken so long to act.

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A previous study of the credit card market concluded by the regulator last summer found that hundreds of thousands of people were weighed down by persistent debt.

A total of 1.4million customers made no more than the minimum repayments on their credit cards for three years in a row, the City regulator has said.

Step Change Debt Charity was contacted by a record 600,000 people seeking help in 2016.

The average unsecured debt of its clients increased for the first time in eight years, from £13,900 to £14,251.

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