'I'd no idea interest rates were so high'

Jo Hardie, an internet company executive from Clapham, signed up for three clothing store cards while at university.

Each took moments to apply for and seemed the solution to her financial problems. Three years on, the huge interest rates have put her almost £1,000 in the red.

"It's hard to say no," said Ms Hardie, 22. "You walk into the store and they do all this hard sell on you. I used them to the limit. Because you can pay just the minimum amount automatically, you don't even notice it."

But as she paid £10 a month off each card, the interest heaped another £6 of debt onto each of the accounts. Now she is struggling to pay off £900, on top of £9,000 in student loans.

"You're never made aware of the interest rates," she said. "I had no idea they were that high."