Mon 26 Oct 2009
Debt Management Could Help Borrowers Approaching Retirement
Posted by EPR Network under Business, Consumer Services, Economy, Featured, Financial, Society
Released on: October 26, 2009, 2:37 am
Author: Melanie Taylor
Industry: Financial
Responding to new research suggesting that more than half of over-50s in Britain carry non-mortgage debt, debt management company Gregory Pennington has warned of the risks of carrying debt while approaching retirement, adding that good debt management is essential for anyone with problem debts.
Research from Moneysupermarket.com found that more than half (51%) of Britain’s over-50s population hold non-mortgage debt, at an average of £6,734.
Over the past 12 months, 17% of over-50s in debt have reduced their non-mortgage debt, according to the research, but 22% have taken on more debt in this time. 5% said their debt had increased “a lot”.
48% of over-50s whose debt had increased said they had gone further into debt in order to pay bills. 15% of those in debt said they believed debt would always be part of their life.
