How to deal with retirement debt
Age Concern and Help the Aged found borrowers in their late 50s and early 60s owe on average at least four times as much in unsecured credit as their counterparts did a decade ago, and that a quarter of all people approaching state pension age have outstanding debts.
It is also increasingly likely that retirees are struggling to pay those debts. Last year, a record number of pensioners were plunged into insolvency, with the number rising faster than for any other age group – up 44% to 6,952.
