Pensioners turning to credit cards to deal with debt
Pensioners on fixed incomes are turning to credit cards to manage in the face of rising costs.That is according to a survey from the Post Office, which revealed 64 per cent of over-70s are regularly using their credit cards to pay for groceries and 57 per cent of these said that the strain on their income means they have not been able to put money aside.A further 48 per cent said they have no money to spare due to higher food and energy bills. Meanwhile, almost half (47 per cent) of those in the fifties who were quizzed said they are using their credit cards for day to day purchases. The signs that inflation is turning more and more people to rely on debt comes as research from mySupermarket.co.uk revealed that the price of pasta and cheddar cheese is up by 111 per cent and 34 per cent respectively from this time last year.
Share this..
Related stories
FTSE 100 rebounds on Greek hopes
The FTSE 100 has today rebounded slightly after a strong performance on Wall Street overnight amid hopes that the European Union will step in with a financial package to save the Greek economy. Only 24 hours ago there had been growing concerns that the Greek issue would not only transfer to the likes of Portugal and Spain but could also bring in other EU states which have struggled during the econ...
Read MoreUK banking sector set to shrink in the short term
Comments by David Mills, a member of the Bank of England's Monetary Policy Committee, seem to indicate that the Bank of England is readying itself for a significant reduction in the size of the UK banking sector. It goes without saying that the sector is under pressure in the short term although the main reason for the expected reduction in the future is purely than simply because of a change in c...
Read MoreUK government questions foreign takeovers
When Lord Mandelson suggested that he was concerned about the number of UK companies being taken over by foreign predators many people had to look again because he has been one of the strongest supporters of an open market. Whether or not Lord Mandelson has "changed his spots" overnight is open to debate as the government appears ready to do anything to curry favour with UK businesses and UK voter...
Read MoreDistressed investment funds on the increase
In a sign of the times it has been revealed that a number of "distressed investment funds" have taken substantial stakes in some of the U.K.'s best-known companies. One such company is JJB Sports where Crystal Amber, an activist fund, has taken a near 15% stake in the troubled sports retailer over last few days. This is a situation which has and will be repeated across the UK economy as another ex...
Read MoreAre we on the verge of a change in government?
The last couple of days have seen Parliament grab the headlines for the wrong reasons with scandal, resignations and internal bickering happening on all levels of UK government. It looks highly likely that we could see a significant change in the direction of the Labour Party and the UK government, with calls for an immediate general election growing stronger. So how will this affect the UK econom...
Read More