Greedy Banks are set to send the cost of credit cards soaring as they try to boost profits.

Experts warned yesterday that the nation’s 31 million credit card users will each be out of pocket an extra £100 per year.

Higher interest rates and new annual charges will be ushered in during the next couple of years and customers who are least able to manage their debts will be hit the hardest.

Banks are looking to find new ways of boosting profits because fewer people are turning to plastic in the wake of the credit crunch – while unpaid “bad debts” are still mounting.