A third of consumers transferred a credit card balance to a different provider at least three times to take advantage of zero per cent interest deals, a new survey has revealed.

Around 36 per cent of people admitted to multiple switchovers to avoid paying interest on plastic debt, according to financial website Moneyfacts.co.uk.

But deals are becoming harder to find as credit card issuers look at ways to reduce costs, while many providers have introduced fees for people who transfer balances.

Emma Butler, Moneyfacts.co.uk editor, said: "This level of people switching card provider, along with increasing levels of bad debt means card providers are having to look at ways of cutting costs. We have seen providers withdrawing cashback deals and other similar incentives. A number of providers have also increased fees for balance transfers."

The research also found 31 per cent of people had been hit with a penalty charge for being late with a credit card payment.

Ms Butler said: "While these charges are imposed to ensure borrowers keep within limits and make regular payments, in some situations it can mean those in difficulty see the situation spiral."

Despite fears consumers may have taken on more unsecured debt than they can handle, just 14 per cent said they planned to remortgage during the coming 12 months to consolidate borrowings.

The research came as a separate study from Birmingham Midshires found Britons were three times more likely to raid savings accounts to buy treats than for essential items.

And the survey found five per cent of people in the Midlands, Wales and Scotland said they would hit savings to pay off a credit card bill whereas the figure for northerners was 15 per cent.

One in five people had used savings for a holiday or weekend break, 17 per cent to pay an unexpected bill, and 16 per cent to fund emergency home repairs.

Others withdrew money to lend to family or friends or to spend on entertainment.

Overall, 97 per cent used the money to pay for a treat, such as luxury shopping or a holiday, while only 33 per cent used it to cover essentials, such as home repairs or an unexpected bill.

Kevin Mountford, head of savings, sales and marketing at Birmingham Midshires, said: "Our report also shows that a lack of planning is eating away at piggybanks across the country - another slippery slope that could leave them short in the future."