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Credit Counsellors Stun With News That Over 50's Owe Most

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http://www.creditcards-gb.co.uk/credit_car...sk-of-debt.html

Over 50s At Higher Risk Of Debt

August 16, 2006
By Peter Kenny
Over 50s At Higher Risk Of DebtThe Consumer Credit Counselling Service (CCCS), a registered charity whose purpose is to help people in financial difficulty, has warned that people in their 50s are more at risk with debt problems than any other age group.
CCCS has over 155,000 clients and a recent survey found that the outstanding credit card debt was on average £12422 and normally this debt was spread over 3 credit cards. This figure shows an alarming rise of 50% in the last three years.
It was also discovered that even though credit card spending had dramatically slowed since 2005, people aged 53 – 59 were still spending more than they can afford. The same age group asking for advice from CCCS had increased from 19% to 23%.

Another myth exploded. Looks like the Miracle Economy is taking its grissly toll on both young and older alike. It's merciless stranglehold on the HPI-MEW addicted may well turn out to be the one thing that Gordon will be remembered for. The man whose policies laid waste to all generations across the board.

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http://www.creditcards-gb.co.uk/credit_car...sk-of-debt.html

Over 50s At Higher Risk Of Debt

August 16, 2006
By Peter Kenny
Over 50s At Higher Risk Of DebtThe Consumer Credit Counselling Service (CCCS), a registered charity whose purpose is to help people in financial difficulty, has warned that people in their 50s are more at risk with debt problems than any other age group.
CCCS has over 155,000 clients and a recent survey found that the outstanding credit card debt was on average £12422 and normally this debt was spread over 3 credit cards. This figure shows an alarming rise of 50% in the last three years.
It was also discovered that even though credit card spending had dramatically slowed since 2005, people aged 53 – 59 were still spending more than they can afford. The same age group asking for advice from CCCS had increased from 19% to 23%.

Another myth exploded. Looks like the Miracle Economy is taking its grissly toll on both young and older alike. It's merciless stranglehold on the HPI-MEW addicted may well turn out to be the one thing that Gordon will be remembered for. The man whose policies laid waste to all generations across the board.

Hang on - I thought my generation was supposed to be the lucky/greedy/robbing-from-the-young generation, who had benefited from the miracle economy without having to work for it?

I now expect the sympathy I need.:lol:

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It's also the generation that have paid steadfastly into their 'guaranteed' company pensions to be told that after working lifetime of saving for old age, the money has disappeared in stock market investment and the pension fund collapsed.

B)

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It's also the generation that have paid steadfastly into their 'guaranteed' company pensions to be told that after working lifetime of saving for old age, the money has disappeared in stock market investment and the pension fund collapsed.

B)

Now I'm feeling even more hard-done-by.

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It's also the generation that have paid steadfastly into their 'guaranteed' company pensions to be told that after working lifetime of saving for old age, the money has disappeared in stock market investment and the pension fund collapsed.

B)

That's right, this is the same people that whilst having had declining stock markets to blame for a fall in their pensions, have enjoyed a rise in house prices and are loathe to pass on some of that wealth and are happy [over] spending it. I like that cake so much I think I will eat it all and share none of it with any of you whippersnappers.

I noted that SAGA wants the government to bail them out - er, if they do that, everyone under 50 will be destitute whilst you all pay for more John Nettles adverts. They must be off their rocker (maybe it's senile dementia) to think that's a runner.

As for the over 50's in debt, my guess is that the vast majority are those that overspent on crap they did not need, not on living costs - these people are old enough to have been lucky enough to ride the property boom (in the main).

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Now I'm feeling even more hard-done-by.

Nah ! Housing Wealth can save you yet - gerrit spent before you keel over and the house has to be sold to pay for your dotage. Cruise now, die later, kid !

:P

Edited by get real

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Hang on - I thought my generation was supposed to be the lucky/greedy/robbing-from-the-young generation, who had benefited from the miracle economy without having to work for it?

I now expect the sympathy I need.:lol:

Yes,I am of the same generation too.I wonder why it the 50 somethings that are in so much debt?

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If you are up to it, watch "A Place in the Sun" no doubt taped from the good old days when MEW was at fever pitch. Most of the sheeple are over 50 buying a leveraged home on "profits" back home. Once those profits vanish with the changing tide of opinion as to house prices there will be hell and the bank to pay.

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Nah ! Housing Wealth can save you yet - gerrit spent before you keel over and the house has to be sold to pay for your dotage. Cruise now, die later, kid !

:P

It's all a fallacy, isn't it. I've never extracted a penny from the "value" of my house. (to do so would just be borrowing, as far as I'm concerned)

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Well what would you do, up to your ears in debt, too old to plug the gap in your pension? I suspect I would be tempted to max out my credit cards get a new passport and head for Pattaya where the money would hopefully last until you died of natural/unnatural causes. B)

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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