Britain's comparison site asked UK consumers about their approach to repaying debt and found one in seven (14%) only make the minimum repayment each month when paying off their debt.
Ten per cent of these do so as they can only afford to make the minimum repayments, while a further four per cent choose to pay the minimum to free up disposable income.
Further analysis from moneysupermarket.com found that the average amount of UK personal debt, excluding mortgages, is currently £8,430. A borrower making only the minimum monthly repayments of 3 per cent on this, with an average credit card rate of 18.43 per cent would take 24 years 4 months to pay off, and would end up shelling out an extra £7,488 in interest - 89 per cent more than the initial amount borrowed.
By comparison, switching to a personal loan at a market leading rate of 6.8 per cent over five years and borrowers would pay only £1,490 in interest - an interest saving of £6,000.
Tim Moss, head of loans and debt at moneysupermarket.com, said:
"The nation has been left reeling with inflation now at 4.5 per cent, the highest levels since 2008, and the crippling effects of soaring living costs. It therefore comes as no surprise that people have seen a rise in the amount they currently owe, compared to 2010.
"It is vital credit card borrowers ensure the minimum amount at least is paid off each month, as a missing or late payment could result in the customer forfeiting their promotional rate or incurring fees as well as putting a black mark on their credit file - setting up a direct debit to prevent this is a must.
"However, consumers also need to remember that by only repaying the bare minimum each month, they will end up paying through the nose in the long term and will shell out considerably more in interest than the original amount borrowed."
The research also showed that 18-34 year olds were found to be the hardest hit by debt increases, with over a third (37%) noticing their debt had increased over the past 12 months - 35 per cent more than those aged over 55 (24%).
Perhaps more shockingly, seven per cent of those surveyed believed debt would always be a part of their lives.
Tim Moss continued:
"The younger generation has been hardest hit by rising levels of debt and it is important this group deal with this problem early on, rather than admit defeat. It's also hugely worrying that seven per cent of people are resigned to the fact that debt will always be a burden in their life.
"There is no need for consumers to bury their heads in the sand when it comes to their finances and by taking steps to reduce personal debt, many of these problems can be nipped in the bud early on, before they escalate out of control.
"Trimming down household budgets and ensuring they are paying as little as possible for all their financial products can really help to free up some cash to pay down debt, and should be the first port of call for anyone who is struggling. If you are in the fortunate position where you are able to consolidate your debt, an interest free credit card would always be a good solution.
"Alternatively, a personal loan could be an option if you want fixed repayments and pay down your debt over a set period of time. For those in more serious trouble, I would advise seeking help from one of the free debt advice charities who can help.
"Many of these problems can be avoided in the first place by consumers ensuring they never borrow more than they can afford and choosing a product that suits their needs.
"Whether using a loan or a credit card, borrowers must have a clear plan of how they are going to repay their debt and stick to it, or they'll soon find themselves falling into the debt trap."
