An Unhappy Retirement
EuroDebt reveals over 60s clients have more than £25,000 of unsecured debt
There are growing fears that older people and pensioners are suffering increasing levels of debt. New analysis from leading debt management company, EuroDebt, reveals that its clients who are 60 and over have some of the highest levels of unsecured debt of any of their client groups. Representing some 11% of the total EuroDebt client base, the over 60s have an average unsecured debt of £25,722 with an average of 8 creditors. 21.5% of them also have a mortgage.
"The analysis of our client base indicates a worrying trend, as more and more over 60s appear to be getting into serious debt, struggling to cope with the cost of living," explains Kevin Still, Director, EuroDebt. "Retirement should be a happy and relaxing time, after a lifetime of work. But our figures reflect concerns of rising debt among older people with organisations like Age Concern calling for action."
EuroDebt aims to help its clients become debt free, through expert advice from its highly trained staff. It is the only fee paying debt management company to make home visits as a core component of its "fact find" process, ensuring EuroDebt has a complete picture of each individual's situation. Following the visit, EuroDebt's advisors negotiate with an individual's creditors to request that interest and charges be frozen, allowing a reasonable payment plan to be created.
"Everyone assumes older people will be comfortable in their retirement. But our analysis shows that the reality is that many are struggling with debt and need advice" confirmed Kevin Still. "With our clients who are over 60's having an average net monthly income of just over £1,000, the level of debt we are seeing is extremely worrying. It seems that many people are experiencing a very unhappy retirement. In the vast majority of cases bankruptcy is ruled out by the client, which reflects more traditional attitudes on facing up to personal debt. However, armed with the right advice and support, EuroDebt continues to help people take control of their finances and provide a fair return to creditors."
*EuroDebt has over 17,700 active Debt Management Plans (DMPs) with UK consumers.