Mid-40s are ‘crucial years’ for those in the red

The mid-40s tend to be crucial years for credit card users in the UK, Fool.co.uk has suggested.

According to the price comparison firm, it is only among Britons aged 47 or over that the majority are debt free, while younger generations tend still to be carrying around a significant amount of debt.

However, research from the firm has found that consumers aged between 34 and 49 are currently among those most likely to see the limit on their credit card debt reduced by their financial service provider.

“After the gloom of finding that our 40s and 50s won’t bring us the endless salary rises we hoped for, it’s nice to see light at the end of the debt tunnel, even if it’s only when we reach 47,” said David Kuo, head of personal finance at Fool.co.uk.

Mr Kuo said last week that a recession would be likely to present heavily indebted UK consumers with a serious financial struggle.

By Giles Stevenson