Home > News > Debt advice

Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

Pensioners `owe thousands in debt`

13/08/2007

Millions of retired Britons owe thousands of pounds in debt, according to new figures from Scottish Widows UK.

A study by the investment company reveals that one in five retired homeowners still has a mortgage, with an average debt of £38,000.

Additionally, the figures indicate that one in three respondents has carried over credit card or personal loan debt during the past three months, with the average outstanding balance equalling £5,900.

Ian Naismith, head of pensions market development at Scottish Widows, said that the findings show "a significant number of pensioners" are under financial pressure due to debt.

"It is important for those people who will be reaching retirement in the next few years and still have debt outstanding on their mortgage to consider how best to prepare themselves for the eventuality of having to juggle their debts on a reduced income when they stop working," he said.

Figures released by pensions minister Mike O`Brien recently showed that the income provided by occupational pension schemes fell in 2006.

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in