The average British consumer will waste more than £30,000 in their lifetime as a result of having lost track of monthly direct debits, a new study has shown.

According to Sky Mobile, the average monthly expenditure through direct debits was just over £111, with about £40 paying for products and services that have been forgotten.

Seventy-seven per cent who had direct debits for services said they did not know why they hadn’t cancelled them.

This week it was revealed that debt on UK credit cards is growing at the quickest rate recorded in the past 12 years, according to the figures published by UK Finance.

Credit cards are being used more frequently for smaller, contactless purchases which in part explains the debt built up over shorter periods.

However, figures published by UK Finance show that the annual growth rate in outstanding credit card debt of 8.3% in February was the highest level the UK has seen in 12 years.

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