Over-55s ‘struggling with debts’

Many of the UK’s over-55s are struggling to maintain control over the
debt management situation, according to a recent report.

Figures from the credit report firm Callcredit show that around 16 per cent of all people in this age bracket are not aware of how much money they currently owe to their creditors.

Contrary to popular perception, it is not only younger consumers who are struggling to become debt free and debt management problems are impacting millions of older Britons as well, Callcredit asserts.

“The recent case of canoeist John Darwin, 57, is a sad tale of the desperate lengths someone is willing to take to break free of debt,” said Mark Ward, consumer debt expert at Callcredit.

“Our own research tells us that 16 per cent of over-55s cannot define their debt levels – it is a sobering reminder about the importance of being responsible when taking on debt and always thinking about how you will repay the money you owe.”

Apacs, the UK’s payments association, recently forecast that around £11.7 billion worth of credit card debt would be accumulated around the country over the course of this month.