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Loan protection: Pensioners hit by £1.1bn credit card debt

UK pensioners owe a record £1.1 billion on their credit cards, it has been revealed.

Research firm GFK NOP has found that the elderly are spending an average of £1.6 billion a month on their credit cards – an increase of 20 per cent in just six months.

The company has released its latest spending figures for June which show the average pensioner spent £354 on their card during the month.

Overall, the total outstanding debt for June was a huge £1.1 billion, a rise of around £200 million compared to the beginning of the year.

David Edwards, financial researcher at GFK NOP, claimed the situation will only worsen in the coming months.

He said: "With the increase in VAT kicking-in over the New Year, benefits set to increase at a slower rate and economic uncertainty expected to continue, the financial pressure on pensioners will only increase over the coming months."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800066843-ADNFCR

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