One in five pensioners releasing equity from their homes has an average credit card debt of £8,800 – rising to over £9,000 for the over 70s.
That’s according to research which shows that the level of plastic debt is threatening to take a significant chunk out of pensioners’ savings.
The figures have also suggested that many will never clear their credit card debts, especially those only making the minimum repayments.
The news comes in the wake of a government-led shake up of the credit card industry. Among the new guidelines are directives that repayments should go towards the most expensive debt first and a halt on rate rises and credit increases for people in financial difficulty.
Debt among pensioners is of particular concern as many no longer have the required income to reduce or clear it.
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