Most Brits paying off credit card debt until aged 47
Most Brits paying off credit card debt until aged 47
Friday 18th July 2008
According to research from finance site Fool.co.uk, 47 is the age at which the number of people who have cleared their credit card debt exceeds that of those who are still paying off what they owe.
The research also identified 28 as the peak age for credit card debt, with 66 per cent of people owing money on cards at this stage in their life.
This declines to around 50 per cent for people in their mid-30s, when higher salaries enable people to get on top of their credit card debt.
David Kuo, head of personal finance at Fool.co.uk, said: "It only takes a minute to whip out your card and get into debt, but getting out of debt can take years.
"And after the gloom of finding that our forties and fifties 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."
News of the study's findings comes as a survey conducted by MoneyExpert.com found that 38 per cent of people with debt are either 'concerned' or 'very concerned' about their ability to repay what they owe.
The mounting problem of consumer debt is expected to fuel a huge rise in the number of people seeking professional debt advice this year, as well as higher demand for debt management solutions.
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