Over 50s specialists Saga have suggested that elderly credit card customers are more sensible, when compared with their younger counterparts. This comes despite research suggesting that they use credit cards a lot.

The researched showed that 49 per cent of over 50s had more than one credit card, but 69 per cent of those asked where not worried about how this might affect their credit rating.

Andrew Goodsell, the chief executive of Saga Group, made his comments following the research saying that "The over-50s are much wiser when it comes to using credit cards, not exceeding their credit limit or missing payment deadlines."

He then went on to recommend that people should go for a credit card where the most expensive form of debt is paid off first, as this is more useful in the current economic climate.

This suggestion by saga comes after the Bank of England released figures saying that £100 million was spent on credit cards prompting fears that many may be using them to pay off other debts thus leading borrowers into further debt.