The average 60-plus-year-old owes more than £35,000 in unsecured debts, a survey shows. 63 percent of those aged 60 and over have unsecured debts -- such as credit card and loan debt . It found that the average pensioner owes £9,098 in personal loans, £7,551 in credit card debt, £3,215 in overdrafts and a further £15,616 in other unsecured debts, such as store cards and car finance schemes -- a total £35,480. Taking account of outstanding mortgage debts carried into retirement adds a further £31,000 per pensioner to the debt mountain, according to the research.
The over-70s were found to have the largest unsecured debts, at an average of more than £40,000 .
Figures from financial education charity Credit Action showed that the number of over-60s with money worries increased faster than among any other age group last year, as pensioners grapple with rising energy and council tax bills.
With monthly repayments on that of over £450 and more than 38 percent of pensioners living on £10,000 or less per year, it means that some older people are using almost half of their annual income to service their debt.
Chris Tapp, deputy director of Credit Action, said: "Retirement should be a time for some well-earned relaxation, but for all too many it is a time of financial stress. "
In The Scotsman we read A total of 51% are prepared to extend employment into their old age in order to make ends meet . Elsewhere it found that that for someone earning a median weekly wage of £447, their pension income would fall to £223 - just £9 more than the minimum wage, based on a 40-hour week.
Poverty and debt , something to look forward to when you get old .
"Where are the leaders and what are their demands?" will be the question puzzled professional politicians and media pundits...
A myth pervades that 1917 was a 'socialist' revolution rather it was the continuation of the capitalist one. What justification...
The life expectancy of people born in many parts of Scotland has fallen, as health chiefs continue to be worried about the worsening figu...