Credit cards paid off after age 47
18/07/2008
Financial website Fool has released figures indicating British consumers over 47 years old are less likely to have credit card debt than younger people.
Research shows two-thirds (66 per cent) of people over the peak age of 28 have credit card debts. This figure decreases to 50 per cent for people in their mid-30s.
In the over-40s age group, there are more debt-free consumers than those who still have credit card debt to manage, Fool`s figures show.
Fool also said average salaries peak at the age of 41.
However, the report also points out those aged between 34 and 49 are the most likely to have their credit limit reduced and those in their 40s also have financial responsibilities such as mortgages and families.
Head of personal finance at Fool, David Kuo, said people should plan ahead to not get into debt.
"It only takes a minute to whip out your card and get into debt, but getting out of debt can take years. Although paying off credit cards is best done sooner rather than later, it`s not always possible. And that`s where careful planning will pay off," he said.
This week Sainsbury`s Bank warned against spending on credit cards to collect rewards unless you plan to redeem them. 
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