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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Tuesday 8th July 2008
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.
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