Pensioners struggling with credit card debt

ONE in five people aged over 65 is struggling to clear credit card debts averaging almost £9,000, new figures show.

Analysis of customer applications by equity release provider Key Retirement Solutions found many over-65s are unlikely ever to clear their plastic.

It said one in five still owes money on credit cards at an average debt of 8,967 that requires minimum monthly repayments of 141, based on the average credit card rate of 18.8 per cent.

The figures were published as the government announced plans, to be introduced next February, to force credit card providers to clear the most expensive debts first, and giving consumers the right to reject unsolicited credit balance increases.