UK Money News
17th July 2008
Britons hit 47 before clearing credit card debt
The average Briton will be paying off credit card debt until they are 47, it has been claimed.
According to research from conducted by Fool.co.uk, 47 is the age when the number of people with credit card debt is exceeded by those without it.
Meanwhile, at 28 two-thirds of people have credit card debt they are paying off.
David Kuo, head of personal finance at the site, said: "It only takes a minute to whip out your card and get into debt, but getting out of debt can take years.
"And after the gloom of finding that our forties and fifties won't bring us the endless salary rises we hoped for, it's nice to see light at the end of the debt tunnel, even if it's only when we reach 47."
Fool.co.uk surveyed over 3,000 consumers for its survey between July 7th and 9th.
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