Over-50s risking problem debt to pay living costs
Over-50s risking problem debt to pay living costs
Tuesday 8th July 2008
In a poll conducted by the Post Office, 47 per cent of over-50s surveyed admitted that they were using their credit card to pay for day to day purchases.
The reliance of the group on borrowing was further highlighted by the fact that 76 per cent of the sample had one or more credit card.
Post Office head of protection, Duncan Caesar-Gordon said: "In an economic climate where living costs are soaring over-50s are finding they cannot afford to save and are more reliant on credit."
The survey also revealed that over-70s are struggling due to increased living costs, with 64 per cent claiming that they regularly use their credit card to buy groceries.
Skyrocketing food price inflation and higher energy tariffs are thought to be hitting pensioners particularly hard due to the fact that they are on a fixed income.
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