Credit card users are being urged to pay down any outstanding debt and avoid racking up new interest charges as borrowing costs hit a record high.

Those who cannot pay off their debt should consider switching it to a card that charges zero interest on balance transfers for an introductory period, to give them breathing space while paying down what they owe.

They may need to work harder to find one, though, as the number of zero-interest credit card deals shrinks as the market gets tougher.

The…