Silver foxes become debt laden

GfK NOP research has found that British pensioners owe a record amount on their credit cards, following a 20% increase since the start of 2010 in their average monthly card spend to £1.6bn. Its figures detailed that pensioners' total outstanding credit card debt of £1.1bn for June 2010 represents a £900m increase from January 2010, with the average retiree having spent £354 in June - the highest since October 2008.