Pensioners’ credit woes highlighted

A new report has highlighted the extent to which British pensioners are struggling to clear their credit card debts.

Figures from Engage Mutual Assurance have shown that more than one in ten pensioners around the country have outstanding credit card debts and are finding it difficult to become debt free.

The recent study also found that the finances of elderly Britons are being increasingly stretched as a result of inflationary pressures and as a result many are turning to their children for help with money.

“With the increased costs of food, fuel and mortgages taking effect, our research shows that those in retirement are becoming increasingly worried about being able to afford their everyday spending,” said Karl Elliott, a spokesperson for Engage Mutual Assurance.

Meanwhile, a recent report from the Rainer charity for underprivileged children described debt problems as being “endemic” among young people in the UK.