UK Money News
8th July 2008
Pensioners racking up credit card debt
Pensioners on fixed incomes have been hit hardest by soaring living costs and are turning to credit cards to manage, according to a new study.
A survey from the Post Office revealed that 64 per cent of over-70s are regularly using their credit cards to pay for groceries.
Furthermore, among this group, 57 per cent said that the strain on their income means they have not been able to put money aside, while 48 per cent said they have no money to spare due to higher food and energy bills.
Perhaps, more surprisingly over-50s were found to be only marginally less affected by higher day to day living costs.
Almost half (47 per cent) of those in the fifties who were quizzed said they are using their credit cards for day to day purchases.
The signs that inflation is turning more and more people to rely on debt comes as research from mySupermarket.co.uk revealed that the price of pasta and cheddar cheese is up by 111 per cent and 34 per cent respectively from this time last year.
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