Pensioners slip further into debt

22/05/2009

Debts among pensioners remain a cause of deep concern, Credit Action has said.

The charity was reacting to research released by Key Retirement Solutions, showing that many over-65s have been forced into unsecured borrowing in order to make ends meet.

According to the firm, 20 per cent of pensioners hold credit card debt - with balances adding up to £9,000 per person.

Worse, one in three had outstanding mortgage debt, averaging out at £43,000.

Many retirees rely on the state pension for their income - meaning that they have little hope of making the debt repayments.

Director of Credit Action Chris Tapp said: "Debt is a worry for people of all ages in the recession but it is particularly troubling for us to see a marked increase in the problems older people face."

Recent figures from Citizens Advice show that 15 per cent of people seeking debt advice are aged over 55 years old.

Tags; Debt Management and Banking, Retirement Money Problems,

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