Pensioners Jumping On The Debt Bandwaggon

[Guest Charlie The Tramp]

From The Mail

Thousands of pensioners are stuck in a cycle of debt, with many owing more than £50,000, a report warned yesterday. Insolvency experts said ` unscrupulous` lending by credit card companies is dragging growing numbers into taking on debts they cannot afford. Nancollas Greer, a firm which offers debt advice, said that of those who approached them, the over 60s had bigger liabilities than any other age group. With an average debt of £52,000, they owed more than three times the £15,000 owed by under 30s

Well I never.

And Credit Action Stats for April are no better.

Credit Action Stats Updated April

14 million adults (35%) are relying on their overdrafts to get by each month; 3.5m are permanently overdrawn, while two million workers start the month in their overdraft, even after they have been paid.

And another long list of petitions for bankrupty tomorrow. See below

[Ignorant Steve]

From The Mail

Well I never.

And Credit Action Stats for April are no better.

Credit Action Stats Updated April

Age is not linked to intelligence.

[right_freds_dead]

i am suprised that a group owe so much after such a long working life.

i could understand middle aged being in debt with a family, but retired folk owing money ?

how are they going to pay it back.

what did they lend it on ?

thats a huge amount of cat food.

[vicster]

Lending us the deposit on a house?

Pretty shocking though. No sense of deferred gratification, that generation

I suppose though that the over-sixties are the baby boomers - the generation we tend to think of as being middle aged are actually pensioners. They probably max out their cards to finance trips to Goa, facelifts and leather trousers. I imagine the 60-70 age group owe most, not the real oldies.

[jackalope]

There was interesting article on the front page of USA Today yesterday. A couple had MEW'ed a few years ago using a variable rate mortgage. Now that US IRs had gone up they were facing foreclosure and were frantically looking for jobs. Him: 78 Her: 72

[non-FTBer]

Quotes from Charlie's link

14 million adults (35%) are relying on their overdrafts to get by each month; 3.5m are permanently overdrawn, while two million workers start the month in their overdraft, even after they have been paid.

That is crazy. I would consider myself on the edge if I was permanently overdrawn... i'd be looking to get that sorted. 3.5 millions permanently overdrawn? Madness.

Three quarters (74%) of British couples find money the hardest subject to talk about with their partners according to a recent survey by the Financial Services Authority (FSA). They also found that over a quarter (27%) of couples regularly argue when they try to discuss their finances; about a third (32%) of couples lie to their partners about how much they spend on their credit cards; over a third (35%) of British couples are kept awake at night worrying about their money situation

Quite sad really. Whats the point of a partnership (personal relationship or otherwise) if you can't share the burden and discuss things? No wonder the divorce rates aren't too good either.

Research from AXA shows money worries are a significant cause of worry, anxiety and stress according to GP and leading mental health expert, Dr Roger Henderson, who recently published a paper identifying the condition Money Sickness Syndrome (MSS). Almost half (43%) of the UK adult population is affected by money worries and have experienced MSS symptoms. 3.8m people admit money worries have caused them to take time off work and more than 10.76m people suffer relationship problems because of money worries, with almost one in five complaining of a sex life slump.

Ah... thats why the birth rate is plummetting.

The average wedding costs around £19,595. 45% of couples - some 117,000 nationwide - have no financial planning to pay for the big day, a study by stockbrokers Brewin Dolphin Securities found.

Does it F*CK.

Did wedding planners tell you that? Or a big hotel chain?

I got married in a registry office, had a reception for 60 people in a nice hotel for £1800, spent £800 on dress + decoration + flowers + suit hire etc, spent £2000 on a honeymoon. £20K my ar5e.

Some people have more money than sense

or maybe that should be updated for the 21st century

some people have more debt than sense

[vicster]

3.8m people admit money worries have caused them to take time off work

That's really going to help....

[Guest Charlie The Tramp]

I got married in a registry office, had a reception for 60 people in a nice hotel for £1800, spent £800 on dress + decoration + flowers + suit hire etc, spent £2000 on a honeymoon. £20K my ar5e.

You were had.

Me, 37p Registry Office, £160 really posh reception, £12 honeymoon + £10 spending money.

[Ignorant Steve]

I got married in a registry office, had a reception for 60 people in a nice hotel for £1800, spent £800 on dress + decoration + flowers + suit hire etc, spent £2000 on a honeymoon. £20K my ar5e.

My first wedding cost my ex mother-in-law just over £35K in the late eighties. Almost enough to buy a reasonable 1 bed flat in London.

We couldn't afford to buy so we rented a glorified garage to live in. Priorities eh?

Divorced after 18 months so I guess I had the last laugh.

[non-FTBer]

You were had.

Me, 37p Registry Office, £160 really posh reception, £12 honeymoon + £10 spending money.

If only.

It all started out to be planned on the cheap but my wife-to-be started to come round to the idea (not mine) of a bigger traditional wedding... and I thoroughly enjoyed the day anyway.

And it was in 2002, not 1960's.

I think the registry office fees were about £37, not 37p.

I couldn't afford to honeymoon at home for £12!

My first wedding cost my ex mother-in-law just over £35K in the late eighties. Almost enough to buy a reasonable 1 bed flat in London.

We couldn't afford to buy so we rented a glorified garage to live in. Priorities eh?

Divorced after 18 months so I guess I had the last laugh.

Was she minted?

Thats what I don't understand.

The size of the wedding is unimportant to me. It only lasts a day... no point in wrecking your financial future for it. Especially when something like a 1/3 of marriages fail within 10 years anyway.

Fair enough if you can burn £20K and not miss it, but for most people that is about as good a start to a relationship as £20K student debt.

[right_freds_dead]

You were had.

Me, 37p Registry Office, £160 really posh reception, £12 honeymoon + £10 spending money.

--------------------

i bet your wife thought she'd really hit the jackpot !!!

reception was expensive though,. did you hire showaddywaddy ?

[Guest Charlie The Tramp]

i bet your wife thought she'd really hit the jackpot !!!

She does now.

[munimula]

the over 60s had bigger liabilities than any other age group. With an average debt of £52,000, they owed more than three times the £15,000 owed by under 30s

What will it be like in 20-40 years time when today's 20-40 year olds reach this age and haven't had the chances to build up decent pensions and a decent amount of housing equity?

[right_freds_dead]

She does now.

...and on the wedding night....