After a recent survey was carried out on Conservative calculations, homeowners throughout the UK were told that they owed £2.2 billion on store cards and the number of accounts nearly doubled from 7 million to 13.4 million throughout the last five years.

Many store cards charge 29.9 per cent, almost double the average credit card rate.

Mr Osborne, a member from the chancellor stated: "We've got a big problem in Britain, we're addicted to debt, and we are seeing the consequences of that as the credit crunch hits.

"We need to take steps now to deal with the current problem and make sure that in future we don't repeat the mistake and let Britain become hooked on debt."

The Tories group are considering to launch a free national financial advice service discussing people’s financial problems, telephone advisers and online information will also be added to this facility.

Within 12 months of a Conservative Government coming to office these financial depots will be across the country they plan. The total venture would cost £50 million per year to operate.