Thursday, 3 September 2009

Just how many credit cards do we need!

Some forty nine per cent of over 50s admitted to using more than one credit card, according to research conducted by Saga, with seven per cent saying they carry five or more credit cards in their wallet.

Less than a quarter (23 per cent) of people aged 50 do not use a credit card, compared to over a third (34 per cent) of under 50s.

Of those who said they held more than one credit card, a third said they utilised all their plastic in the same way, with one five saying they used their cards to give them some breathing space when they need extra credit.

The same number said their credit cards were using for big ticket purchases.

While use of multiple credit cards by over 50s is up compared with the rest of the population, it would seem that they are more likely to make their repayments on time – nearly three quarters (73 per cent) claim to have never missed a payment deadline.

By contrast, 47 per cent of under 50s admit to having missed a credit card payment at some point, with eight per cent of under 35s saying they regularly do so.

Furthermore, over a third of people mistakenly believe that having multiple credit cards cannot have any impact on credit scores, while a quarter believe it can actually improve their rating.

No comments: