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Over-50s `better at managing credit card debt`

03/09/2009

Consumers aged 50 and over are better at managing credit card debt than their younger counterparts, it has been suggested.

According to figures produced by Saga Platinum Credit Card, nearly three-quarters (73 per cent) of people in this age group have never missed a credit card payment deadline in their lifetimes.

When it comes to younger consumers, 47 per cent of under-50s have missed a credit card repayment at some point in their lives.

In addition, it was found that eight per cent of people aged under 35 regularly miss payments.

Chief executive of the Saga Group Andrew Goodsell said: "The over-50s are much wiser when it comes to using credit cards, not exceeding their credit limit or missing payment deadlines."

He added that selecting a card with a "fair order of payment" is one of the most effective ways of managing credit card spending.

Figures released recently by the Bank of England revealed that there was a £0.2 billion net repayment of consumer credit in July this year.

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