Over 50s suffer worse credit card debt

TUESDAY, AUGUST 22, 2006

New research from the Consumer Credit Counselling Service (CCCS) has revealed that people in their 50s suffer the worse debt problems. Despite an overall decline in credit card spending, people aged 53 and over are increasing their spending amounts.

This has meant a knock-on effect of a 23 per cent increase in the number of over 50s seeking advice from the CCCS. A CCCS spokeswoman said the over 50s had become the 'Barclaycard Generation' and were prepared to spend on plastic than other methods of payment.

Frances Walker, spokeswoman for the CCCS, said: "The Barclaycard generation, which has grown up with credit on tap, needs to learn how to turn off that tap before they are flooded with debt."

She added that this group have the extra pressure of supporting their children and sometimes their own parents, which may lead them to turn to credit cards.

A debt consolidation package can help consumers to re-order their finances and avoid bankruptcy.