Older Brits ‘resorting to credit’

Older generations of British consumers are increasingly resorting to credit to fund their everyday activities, according to the latest figures.

A report from the Post Office has shown that around 47 per cent of people aged over 50 and two-thirds of those aged over 70 are using credit card debt to cover their everyday costs.

The financial services provider behind the research maintains that the trend towards greater use of credit card debt will continue this year as the cost of living increases.

Duncan Caesar-Gordon from the Post Office said: “In an economic climate where living costs are soaring over 50s are finding they cannot afford to save and are more reliant on credit.”

Last week, Andrew Hagger from Moneynet.co.uk described using credit cards to access cash advances as being an “absolute no no”.

By Giles Stevenson