UK Money News
26th March 2008
Retirees facing soaring debt
Debt levels among those approaching retirement age have quadrupled in a decade years, new data has shown.
According to a report from Help the Aged and Barclays, in 2005 the average amount owed by those in their late 50s and early 60s was £3,000 and £2,000 respectively.
This is over four times the amount owed by those who were the same age in 1995.
The report also revealed that mortgage debt is taking longer to pay off, with one in eight over-60s and four per cent of people aged 80-84 still repaying a home loan.
David Sinclair, Help the Aged head of policy, said: "This report shows there are some worrying trends in credit usage that could represent a debt crisis for those coming up to retirement.
"We know from working with older people suffering from chronic debt problems that even owing a relatively small amount of money can cause untold misery for those living on a fixed income."
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