PPI Claim News - 18/3/2010
Credit Card Charges: Credit Cards take pensioners £9k into the red
The average debt that British pensioners owe on their credit cards has reached almost £9,000, new research shows.
Figures released today by independent equity release adviser Key Retirement Solutions reveals that one in five people over the retirement age of 65 had credit card debts of £8,697 in 2009.
The study, which looked at 3,501 applications for equity release last year, also showed that the problem worsened for the over 70s, with the average sum faced by this age group climbing to £9,048.
Key Retirement Solutions warned that many pensioners will struggle to repay their debts, which could result in additional credit card charges, further adding to the amount that is owned.
It also claims that those who are only able to meet the minimum payment requirement would need at least 30 years before their credit card debt is wiped.
The figures come after financial website Moneyfacts.co.uk found that credit card interest rates are at their highest level in 12 years, with an average rate of 18.8 per cent.
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