Post Office explain credit card expenditure

The UK’s population aged 50 and above is using a credit card to pay for all types of expenditure, more news revealed by the Post Office group.

Post Office found that during June 2008, 47 per cent of over 50s conceded they were using credit cards to pay for expenses such as food, clothing, fuel and travel. People aged 70 and above were using their card to purchase groceries.

A third of all respondents in the 50 and over section stated that savings were an aspiration rather than an actuality. 57 per cent stated they simply could not afford to save due to everyday costs taking over.

Post Office Head, Duncan Caesar-Gordon of Protection commented: “In an economic climate where living costs are soaring over 50s are finding they cannot afford to save and are more reliant on credit”

“Thinking about the future and how the family will cope should the unexpected happen is an extra worry but a simple life plan can offer peace of mind to those concerned about passing on funeral costs and debts.”