The age of the big spender

Attitudes towards spending on credit cards vary drastically between old and young, according to new research from Confused.com.

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'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'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'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 credit card 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's debt management area for advice on how they can rectify certain situations.