It seems the disparity between rich and poor is only going to get bigger.
The old adage the rich get richer and the poor get poorer seems to be alive and kicking in 2010.
Young people who are paying for their educations are finding themselves in a quagmire of debt, even before they get their first job.
The over inflated property market means first time buyers are having to borrow, scrape and save huge amounts of money just to get on the ladder, many stretching their budget beyond their means.
And now it seems even pensioners are not free from the 'credit card tart' label.
Research from Key Retirement Solutions found that one in five pensioners who were releasing equity from their homes, had credit card debts averaging £9,000.
The research also found that a large number of over 65s would never be able to pay off their credit card debt.
Debt can be an incredibly stressful situation to be in, leaving a trail of anxiety and depression in some cases.
Being in debt can feel like your life is restricted and confined.
And to be in debt in your retiring years can leave pensioners trapped in unfavourable circumstances.
Paying off the most expensive loans first makes sense.
And in some cases, transferring that debt to a zero balance transfer credit card can help save hundreds of pounds.
Debt it seems is increasingly a way of life for more people in the UK then ever before.
Credit cards can, if used correctly, be a sensible way of buying and planning major purchases.
But debt can quickly get out of hand.
Those who are financially savvy can switch credit cards to make the most of 0% transfer rates, but if you're not clued up you can quickly spiral out of control.
A recent survey by a price comparison service discovered that 5m people in the UK spend more than they earn.
Half of those questioned relied on their overdraft, with another 13 million questioned only just breaking even at the end of every month.
Around 11% of the population live beyond their means and around 26 million people in the UK have less than a hundred pounds left in their account after paying all their bills.
The cost of life is crippling for many on an average income.
A third of those who needed to borrow to plug the financial gap of their income and spending relied on cards.
The old adage the rich get richer and the poor get poorer seems to be alive and kicking in 2010.
Young people who are paying for their educations are finding themselves in a quagmire of debt, even before they get their first job.
The over inflated property market means first time buyers are having to borrow, scrape and save huge amounts of money just to get on the ladder, many stretching their budget beyond their means.
And now it seems even pensioners are not free from the 'credit card tart' label.
Research from Key Retirement Solutions found that one in five pensioners who were releasing equity from their homes, had credit card debts averaging £9,000.
The research also found that a large number of over 65s would never be able to pay off their credit card debt.
Debt can be an incredibly stressful situation to be in, leaving a trail of anxiety and depression in some cases.
Being in debt can feel like your life is restricted and confined.
And to be in debt in your retiring years can leave pensioners trapped in unfavourable circumstances.
Paying off the most expensive loans first makes sense.
And in some cases, transferring that debt to a zero balance transfer credit card can help save hundreds of pounds.
Debt it seems is increasingly a way of life for more people in the UK then ever before.
Credit cards can, if used correctly, be a sensible way of buying and planning major purchases.
But debt can quickly get out of hand.
Those who are financially savvy can switch credit cards to make the most of 0% transfer rates, but if you're not clued up you can quickly spiral out of control.
A recent survey by a price comparison service discovered that 5m people in the UK spend more than they earn.
Half of those questioned relied on their overdraft, with another 13 million questioned only just breaking even at the end of every month.
Around 11% of the population live beyond their means and around 26 million people in the UK have less than a hundred pounds left in their account after paying all their bills.
The cost of life is crippling for many on an average income.
A third of those who needed to borrow to plug the financial gap of their income and spending relied on cards.
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