One in Five Over 60s Owes Money on a Mortgage, Credit Card or Loan, Reports Debt Line
BOURNEMOUTH, England, September 24, 2012 /PRNewswire/ --
Retirees struggle to pay off debt and seek help from debt management services such as Debt Line
Age UK research reveals 20% of over 60 year olds are in debt, owing money on mortgages, credit cards and loans. Among retirees, with no stable income, at least one in ten have to borrow money in order to pay their mortgage or rent. Debt management firms have reported a huge increase in the number of over 65s calling them for debt advice. National Debtline for example said 4.2% of all callers in the first six months of the year were from over 65s.
The average person over the age of 60 owes £18,000 just on unsecured debts. With no income it is no wonder retirees are seeing their debt problems spiral out of control. Previous generations largely looked forward to a debt free retirement; but now older people help out their children and grandchildren to such an extent they leave themselves in debt. A cycle of debt is perpetuated if a retiree dies without clearing their debts; their children and grandchildren will then take on the debt burden and lose out on inheritances.
Debt Line can intervene before this becomes a reality. Debt Line is one of the UK's leading debt management firms, helping debtors rework their debt into more manageable monthly payments. Aside from mortgage and credit card debt consolidation, Debt Line creates personalised debt management plans, freezes interest, deals with creditors on behalf of its clients and sets up online accounts to assist its clients in their own financial management.
Whilst debt, particularly unsecured debt, is greater among younger generations, people in employment are in better positions to repay outstanding debt. Charities working within the over 65s sector worry the growing debt problem among older generations will lead to homelessness and stress-related illnesses and it will have far-reaching knock-on effects on younger generations.
SOURCE Debt Line
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