Our reliance on credit reaches new highs

Alistair McQueen, Head of Savings & Retirement, comments on the reliance of silver spenders on credit cards.

“Today’s UK Finance figures show that Britain spent a record amount on credit cards in August 2017 - £17bn, up from £15.6bn a year ago.1 This data comes on the same day that Aviva has reported that credit card debt among the over 55s has hit a new average high of £1,052 per person.2 Record low interest rates will have fuelled much of this love for credit, but Aviva’s research finds older spenders are beginning to worry about tomorrow.

“The greatest financial fear among the over-55s is the threat of a rise in the cost of living.

“It is over a decade since the Bank of England last raised interest rates. For millions of older spenders a rise in the cost of credit has become a forgotten concept. This is expected to change in the near future, with widespread speculation of an interest rate rise in November.

“Credit cards spending is often referred to as the “never never”. The experience of rising credit card bills may soon become the “now now”.


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Notes to editors:

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