Many elderly people are relying on credit cards to pay bills and are risking falling into debt in the process.
Many elderly people in the UK are using their credit cards to pay their bills, new research has revealed.
According to a new study from Engage Mutual Assurance, ten per cent of retired Britons are resorting to this tactic despite the risk of being pushed further in to debt thanks to high-interest card repayments. Around 13 per cent are also currently facing significant credit card debt.
In addition, the Engage survey found that 54 per cent of retirees are currently "struggling to make ends meet". Around one in two of this financially-pressed group were "making cutbacks" in order to get by, while 17 per cent were simply "going without" some goods and services.
Karl Elliott at Engage said that the "increased costs" of food, fuel and mortgages were to blame for the trend. "Our research shows that those in retirement are becoming increasingly worried about being able to afford their everyday spending," he added.
"We would always encourage those with money worries to seek financial advice in the first instance. We know that saving little and often today often helps families to prepare for those unexpected financial eventualities."
Recent research from the Bank of England forecasted the overall rate of inflation to hit 3.7 per cent this year. This level is far above the bank's stated target of two per cent - and will result in many consumers feeling financially squeezed.
Compare Credit Cards via money.co.uk
