It's official - wisdom comes with age, but most certainly when it comes to credit cards. Older people are much more likely to pay off the full balance on their credit card each month. According to a new survey of credit card usage in the Republic by Europay International, 84 per cent of cardholders over 55 clear their monthly statement.

Those least likely to clear their monthly statement are the under-25s, with 11 per cent paying off as little as possible and 39 per cent trying but rarely managing to pay their balance.

Younger age groups are also more likely to borrow on plastic when they are short of funds in their current account towards the end of the month.

Almost half of the under-35s surveyed are using credit to extend their cash flow towards the end of the month, compared to only 8 per cent of over-55s.

The survey, carried out in association with Mastercard, was conducted in August. A nationally representative sample of 500 people was interviewed using computer-aided telephone interviewing software.

Not surprisingly, 66 per cent of respondents wouldn't show their credit card statements to anyone. Almost two-thirds of those asked would be happy to share their credit card account with a spouse or partner.