Age divide opens up over store cards
There is an age divide opening up over the use of store cards: although we have seen the average store card debt of those seeking our help decline by £65 since 2009, it is going up for clients aged 60 and over.
The biggest decrease was for those between the ages of 41 to 59, whose average store card debt is £1,394, dropping by £128 since 2009.
- The average store card debt for those seeking our help under the age of 25 is £489 and has gone down by £75 since 2009
- It is £944 for those aged 25 to 40, with a decrease of £94 in the same period
- The biggest decrease was for those between the ages of 41 to 59, whose average store card debt is £1,394, dropping by £128 since 2009
- However, it has increased for those aged 60 and over, with their average store card debt of £1,984 rising by £36 since 2009.
We think that while we are seeing a decline in store card debt levels among our clients, this isn’t happening with those over the age of 60 who are seeking our help. This may be the result of access to credit or purchasing patterns of that age group.
Whatever the reason, we would encourage anyone building up debt on their store card to explore other ways to make their purchases as this type of credit is expensive and should only be used if it can be quickly repaid.