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Over 50s use multiple credit cards

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by David Masters

Half of Brits over 50 use more than one credit card to manage their finances, research by Saga has discovered.

One in fourteen (7%) of over 50s carry five or more credit cards in their wallet.

However, almost three quarters (73%) of over 50s have never missed a payment deadline, compared to half (53%) of borrowers under 50.

Of those with more than one card, a fifth use their cards as a financial cushion when they need extra credit, while 19% use their cards for buying big ticket items.

This is compared to the one in ten (9%) of under 35s who apply for a second credit card because they’ve maxed-out their first one.

“The over 50s are much wiser when it comes to using credit cards, not exceeding their limit or missing payment deadlines,” said Andrew Goodsell, Saga chief executive.

More than a third (36%) of those polled believed that having multiple credit cards would have no impact on their credit rating.

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News posted: September 6, 2009

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