Monday, August 13, 2007
It’s not just the young who have big debts – maybe this is worse as you can no-longer work to pay it off or rely on inheritance.
"Pensioners are burdened with debts of £57 billion from mortgages and credit cards, new figures show. One fifth of retired people are still paying off a mortgage and a third owe an average of £5,900 on credit cards and loans, says Scottish Widows, the insurer. The 1.1 million pensioners who are still making repayments owe an average of £38,000 on their homes, compared with £35,000 last year. One in eight owes more than £50,000. In addition to these debts, almost 700,000 pensioners have children who are not financially independent. But only a third of these are schoolchildren."