New research from Confused.com has revealed attitudes towards spending on credit cards vary drastically between old and young. The price comparison site found vast differences between the generations with regard to applying for credit, maintaining credit and paying off credit.
Careful spending over the years may explain why 77% of the early 50&39;s do not worry about the refusal of credit cards when applying. In fact this group is so confident in the state of their credit history, 83% of them have failed to check their credit scores - an indicator of a person&39;s credit worthiness - for 12 months or more.
Unsurprisingly, it is the youngsters who struggle in securing extra funds. Thirty four per cent of early twenty year olds are refused credit - either immediately or after a referral. This could explain why almost half of this age group do not apply for credit cards out of fear of refusal, and a black mark next to their name.
Joanne Garcia, head of credit cards at Confused.com said: "Our research highlights the different spending habits between age groups. Approaches and attitudes differ, however the recognition in clearing credit balances must remain consistent. Those with existing balances should make every effort to clear them as soon as possible. Ignoring the debt, resulting in closure of an account by the credit card company is not advisable. This will have an adverse affect on a person&39;s credit rating that will remain with them for a long time, creating difficulties for a range of things in the future.
Those considering applying for a creditcard should visit Confused.com and use our new tool. This will show customers which cards on our site will be most likely to accept them. Not only is this service free, but it leaves no credit footprint - therefore does not jeopardise any credit ratings."
Confused.com offers a stark warning to the one in three 46 - 50 year olds who do not keep up with regular payments on outstanding credit card balances. Failure to repay will result in refusal for future funds. Ignoring the debt is ill advised and those tempted, should visit Confused.com&39;s debt management area for advice on how they can rectify certain situations.
For further information please contact:
Press office, Confused.com: 02920 434 398
Notes to editors
Research conducted by OnePoll during October 2009 amongst 2,000 respondents
About Confused.com:
Confused.com is one of the UK&39;s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include car insurance, home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com&39;s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
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