UKs pensioners also face debt worries
Thursday, April 12th, 2007IVA News often hears about the plight of the younger generation burdened by debt and irresponsible lending. However it appears that the debt crisis stretches to include some of Brit’s more elderly.
According to moneyhighstreet.com:
In the future, more of the UK’s pensioners could need debt relief services or IVAs, as they are increasingly finding themselves in financial trouble, a report suggests.
According to research carried out for Key Retirement Solutions, one in four people in the UK aged over 60 still have outstanding mortgage debt.
This borrowing is worth £98 billion collectively, meaning that the average person who is retired or nearing retirement still owes £31,000.
Worryingly, the report shows that as people get older they tend to find themselves in more debt. Typically, people aged between 60 and 63 owe £23,512, while the over-70s owe £37,000.
IVA News wonders what will happen as more and more people take out inappropriate mortgages that are unrealistic to pay back in a lifetime. We our children be left to burden our debts?
We will wait and see….
