Half of Britons over the age of 50 carry more than one credit card to mange their finances – more than any other age group - according to new research.
A survey carried out by insurance group Saga revealed that 49 per cent of over-50s admitted to using more than one credit card, while 7 per cent said they owned five or more credit cards, putting them at greater risk of accumulating large debts .
However, the research also found that 73 per cent of over-50s had never missed a credit card payment deadline, compared to 53 per cent of respondents under the age of 50.
Commenting on the findings, a debt expert for finance advice site ThinkMoney.com said: "For some people, having multiple credit cards can be a risk. The temptation may be there to spend beyond their means, and that can easily lead to debt problems ."
"Used correctly, credit cards can be very useful. But consumers should only use credit cards if they are absolutely certain they can afford the debt repayments ."
Over 50s At Higher Risk Of Credit Card Debt
Fri, 04 Sep 2009
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