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People become debt-free in their 40s
18 July 2008
Consumers finally pay of their credit card debts when they reach their mid-40s, according to a new study.
Research by Fool.co.uk revealed that while the peak age of credit card debt is at 28 when 66 per cent of consumers experience it, 47 is the age when the number of consumers in credit card debt is overtaken by the number of those without it.
David Kuo, head of personal finance at Fool.co.uk, said: "Getting out of debt can take years. It's nice to see light at the end of the debt tunnel, even if it's only when we reach 47."
Despite the positive news for consumers in their 40s, Fool.co.uk revealed that people around that age are more likely to have their credit card limit reduced.
"Although paying off credit cards is best done sooner rather than later, it's not always possible. And that's where careful planning will pay off," said Mr Kuo.
According to Fool.co.uk, 50 per cent of consumers in their 30s are in credit card debt.
