Store card debt rises for over 60s
Older customers are amassing store card debts when other generations are reducing the amount left on such cards.
The Consumer Credit Counselling Service (CCCS) has seen the average store card debt of those seeking its help decline by £65 since 2009, but it is going up for clients aged 60 and over.
The Leeds-based charity, which helps people across the UK, has found the average store card debt for those seeking CCCS’s help under the age of 25 is £489 and has gone down by £75 since 2009.
The amount of debt on store cards for people aged between 25 and 40 is £944, which is down £94 over the same period.
The biggest decrease was for those between the ages of 41 to 59, whose average store card debt is £1,394, and which has dropped by £128 since 2009.
But the charity is concerned that the amount of store card debt carried by people over 60 seeking their help has increased. On average, their store card debt is £1,984, which has risen by £36 since 2009.
Delroy Corinaldi, CCCS external affairs director, said: “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, I 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 only really should be used if it can be quickly repaid.”
The CCCS helpline is available between 8am and 8pm on weekdays on 0800 1381111 or advice is available on the charity’s website at www.cccs.co.uk
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