Over-50s are wiser with credit cards, says Saga

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Over-50s are wiser with credit cards, says Saga

Thu 3rd Sep 2009

Saga has said that over-50s are much more sensible in their use of credit cards, despite research suggesting they use them a lot.

Andrew Goodsell, chief exectutive of Saga Group, made his comments following the publication of research that shows people from that age group are more likely to own a credit card.

It showed that 49 per cent of over-50s had more than one credit card, but 69 per cent of them were not worried about how this might affect their credit rating.

Mr Goodsell said: "The over-50s are much wiser when it comes to using credit cards, not exceeding their credit limit or missing payment deadlines."

He recommended that people choose a credit card where the most expensive form of debt is paid off first, as this could be useful in the current economic climate.

Recent research by Moneynet showed that the number of zero per cent balance transfer offers has dropped from 39 to 24 over the past year.

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