Older consumers ‘coping better with credit card debts’

People aged over 50 are much better than those of a younger age when it comes to handling their credit card debts, it has been argued.

Saga Platinum Credit Card has said its own research shows a clear difference between the frequency with which people make their required payments by the deadline according to age.

Its poll found that 73 per cent of over-50s had never missed a payment, compared with 47 per cent of younger people.

Responding to the statistics, Saga Group chief executive Andrew Goodsell declared: “The over 50s are much wiser when it comes to using credit cards, not exceeding their credit limit or missing payment deadlines.”

A further finding was that eight per cent of those aged 35 or under frequently miss payments on their cards.

The survey suggests that younger people may be in greater need of debt management help.

Overall, consumers managed to lower the amount they owed on credit by £0.2 billion in July, Bank of England figures have revealed.

Leave a Reply

Your email address will not be published. Required fields are marked *