It's debt-free heaven at 47

Money website Fool.co.uk finds that 47 is the magic age when the number of people with credit card debt is surpassed by those without it. From a peak age of 28, where two thirds (66%) have credit-card debts, numbers decline sharply to half (50%) of people in their mid 30s.

The Frantic Forties

By the early forties, the number of individuals with credit to repay wanes to well under half of respondents carrying a debt. However, losing the debt at 47 may be small comfort. A recent poll by Fool.co.uk revealed that 34 to 49 year-olds were some of the most likely to have their credit limits cut by their banks.

The Fantastic Forties

Financial responsibilities from other sources also reach a critical point in the mid-40s, with 17% roughly midway through their mortgage term, and 22% having some form of borrowing secured on their home. For a third (37%) of those in this age group this is now a family home.

The Fabulous Forties

After revealing recently that the average Brit's salary peaks at 41, the study shows that there are many reasons to feel good when hitting our 40s. At the age of 47, credit card users finally get the better of their card bills and see their debt permanently dwindle.

David Kuo, Head of Personal Finance at Fool.co.uk, believes that the forties may only be marvelous if you play your cards right. He says; "It only takes a minute to whip out your card and get into debt, but getting out of debt can take years.

"And after the gloom of finding that our forties and fifties won't bring us the endless salary rises we hoped for, it's nice to see light at the end of the debt tunnel, even if it's only when we reach 47.

"Although paying off credit cards is best done sooner rather than later, it's not always possible. And that's where careful planning will pay off.

"When you need to spend, pick a long 0% purchase deal; when you're ready to pay choose a generous 0% balance-transfer card; and if you're want to benefit from your diligence, find one that offers bountiful rewards."