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Credit companies `force retirees into bankruptcy`

08/10/2007

Easy access to credit has led to many older people being forced to consider bankruptcy, an industry expert has claimed.

Statistics from accountants Wilkins Kennedy published last month found that seven per cent of people going bankrupt were retired, up from three per cent in 2002.

In response to those figures, a spokesperson from Saga has claimed that credit companies "encourage" unmanageable levels of debt among older people, despite retirees having a "strong dislike of getting into debt".

The spokesperson added: "Some people in retirement have to work in part-time employment, where the employment and tenure are less than they are in permanent full-time employment."

Research by Scottish Widows stated that a fifth of retired homeowners still have a mortgage and that one in twelve retirees still have financially dependent children.

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