The Treasury Select Committee said it would look at the way charges were presented, and how hidden charges may be incurred by credit card holders.

It said its short inquiry would try and establish whether consumers were able to make informed comparisons between products.

There is growing concern about the level of consumer debt in the UK, and the government is currently conducting a review into the area.

A recent survey by the Citizens Advice Bureau (CAB), said debt advisers had seen a 47% increase in the number of new credit debt problems over the past five years.