An expert has warned that credit card providers have introduced more than 30 hikes in fees over the past month.

This is Money analysed figures collected by Moneyfacts and revealed rising fees for withdrawing cash and in interest rates as well as increases in commission on foreign use and greater fees for balance transfers.

It warned the increases "could end up costing consumers millions in charges".

For many people already struggling with debt in the face of the recent credit crunch, such increases could cause real problems.

However, one possible route out of debt is an individual voluntary arrangement which can cancel unaffordable debt and stop creditors pursuing the debtor.

It is arranged through an insolvency practitioner and allows the struggling borrower to make an affordable monthly payment for a certain period of time after which any remaining debt is written off.

Such an agreement can save creditors the time and money it takes to pursue the debt and they receive tax benefits for their losses.