Home > News > Debt consolidation

Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Recession `could lead to financial problems for retirees`

27/05/2009

Retirees could be left facing financial difficulties - potentially including debt problems - as a result of the economic downturn, it has been suggested.

According to Age Concern and Help the Aged, 28 per cent of people over 50 recently polled reported concerns that their age would see them forced out of their job if their employer had to make redundancies.

Meanwhile, 47 per cent said they were less confident than they had been six months earlier that their pensions and savings would provide them with a comfortable standard of living in retirement.

Michelle Mitchell, charity director for Age Concern and Help the Aged, said: "These figures paint an extremely bleak picture for millions of over-50s whose working lives are at risk of being cut short by the recession."

She added that for many over-50s, one of the legacies of the recession will be a retirement which is "blighted by poverty".

Recently, Key Retirement Solutions released figures which suggested that people aged between 65 and 69 have average credit card debt of £9,068, the Mirror reported.

Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with