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Credit card charges: Zero per cent cards can result in debt

Britons who apply for zero per cent bank cards can end up paying high credit card charges, according to a wealth management company.

Yvonne Goodwin, managing director at Yvonne Goodwin Wealth Management, claimed that consumers are entering retirement with debt because they mistakenly believed they had applied for free credit.

"I think people have taken advantage of credit cards, the zero per cent credit cards, when it comes to an end it just tends to run on with a great rate of interest," she said.

Ms Goodwin advised retirees who are struggling financially to seek help through a debt advice charity which can arrange a debt management plan.

According to the Real Retirement Report by Aviva, 73 per cent of over-55s fear the impact of the rising cost of living over the next six months.

Over the past year, the average income for this age group rose by just 0.65 per cent, while inflation increased by 4.7 per cent.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800604167-ADNFCR

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