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 saddled with debts of £57bn

"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."

Posted by catflap @ 11:47 AM (416 views)
Please complete the required fields.

Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>