Debt “a way of life” for some over-50s

Young people are not the only ones who accept being in debt, according to one expert.

Confused.com’s head of credit cards Joanne Garcia said it is “a way of life” for many, including those aged over 50.

She explained that this age bracket is not completely shielded from the effects of the economic downturn and like a lot of other people some have been forced to turn to borrowing as a way of getting by financially.

Furthermore, Ms Garcia suggested that a sizable proportion of this number is willing to delay retirement in order to make ends meet.

“Many people in their 50s have accepted that they’ll need to work far longer in order keep the wolf from the door and/or pay off the debts they are accumulating,” she remarked.

Earlier this week, moneysupermarket.com revealed that more than half of over-50s have an average debt of £6,734, excluding what they owe on mortgages.

By Chris Trimble