Over-50s 'less likely to incur late fees on credit card repayments'

Consumers aged over 50 are less likely than their younger counterparts to incur credit card fees for late payments.

This is according to Saga Platinum Credit Card, which suggested that while 73 per cent of such people have never missed a credit card payment deadline in their lifetimes, only 47 per cent of people under the age of 50 can say likewise.

In addition, eight per cent of the under-35s polled reported they regularly miss credit card payments.

Saga also found that there was a lack of knowledge concerning the impact having multiple cards can have on credit ratings.

More than a third (36 per cent) of people questioned thought that having more than one such card does not have any impact on credit ratings, while a quarter actually thought it improved their ratings.

In a word of advice, Sage Group chief executive Andrew Goodsell said: "Choosing a card with a fair order of payment, is one of the most effective ways of managing your credit card spending, as people can be sure that they are paying the most expensive debt back first."

Recently, the Bank of England revealed that there was a £0.2 billion net repayment of consumer credit in July this year.
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04/09/2009 16:54

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