Over-50s are crushed by ruinous card debt

By the Editorial Team · Wednesday, October 28, 2026

Adults over 50 are carrying significantly higher credit card debt than younger people, with those aged 65 to 74 owing an average of £4,273 and making monthly payments around £418. This rising debt burden, compounded by increasing living costs, poses financial challenges in retirement and highlights the importance of debt management and seeking free professional advice.

Older adults are carrying significantly higher credit card debt compared to younger generations, with many retirees making substantial monthly payments to manage their outstanding balances. According to a recent report by SunLife, individuals over the age of 50 with credit card debt owe an average of £3,782, nearly 50% more than the £2,546 owed by those under 50. The highest average balances are found among those aged 65 to 74, who carry debts averaging £4,273. This group also makes the largest monthly repayments, averaging £418.

The data underscores the financial strain many older people face in retirement, when incomes often decline but essential expenses remain high. Nearly half of those over 50 have some form of debt, contributing an average of £600 each month to repayments. After covering bills, debts, and other essentials, the typical individual in this age group is left with around £250 a month for discretionary spending.

Rising living costs are compounding these challenges. Approximately 64% of over-50s reported that their weekly grocery bills have increased over the past year, while nearly 75% noted higher energy costs.

Mark Screeton, chief executive of SunLife, emphasized the benefits of debt reduction for mental well-being, stating that more than 80% of over-50s who have cleared significant debts reported increased happiness. He suggested that one potential strategy to reduce interest charges is utilizing 0% balance transfer credit cards but cautioned about transfer fees and the importance of repaying the debt before the end of the promotional period, as interest rates can rise above 30% afterward.

Experts recommend that individuals facing difficulties with debt should establish realistic monthly budgets to control spending and prioritize repayment. It is also advised to seek help from free debt advice organizations such as StepChange, National Debtline, or Citizens Advice rather than engaging firms that charge fees for managing debt plans. Ignoring debt problems can lead to worsening financial situations, so timely professional support is encouraged.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.