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1 in 10 pensioners still in debt

Nearly half (47%) of the UK`s pensioners are just `getting by`, as they struggle with the rising cost of living. So says a press release from a leading charity with a vision of `a world in which older people flourish`.

Age UK surveyed more than 1,200 people over the age of 60 to find out how they were coping with today`s financial challenges.

It`s `shocking`, the charity states, that fully one in ten pensioners has at least one outstanding debt these days, whether it`s a credit card, a loan, a mortgage or some other form of credit. As recently as 2008, just one in twelve said this, so it seems things are getting worse for older people.

It`s no great surprise. After all, they tend to suffer more than most when inflation is high, since a greater percentage of their income is spent on fuel and food. In the last year, the cost of food has risen 6.2%, while energy has become 4.2% more expensive.

A spokesperson for the IVA Advisory Centre commented on the figures: "Carrying debt into retirement is clearly something to avoid if at all possible. Coping with a lower income can be difficult enough without having to worry about monthly debt payments as well as other bills.

"We`d advise anyone in that situation to get expert advice - and anyone who`s approaching retirement and worried about their debt level to do what they can to clear (or at least reduce) their debt before they stop working."



The IVA Advisory Centre is a licensed Insolvency Practice, offering expert debt advice as well as IVAs and a comprehensive range of other debt solutions. If you are in debt and would like to explore your options, contact one of our advisers today.