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Older people 'struggling with debt'
Fri 21 Dec 2007 12pm
Many of the UK's older citizens are struggling with their levels of debt and do not know exactly how much money they owe to creditors, a new report has claimed.According to research from Callcredit, 16 per cent of people in the over-55 age group are unable to properly define the amount of debt they have.
In addition, the debt levels of this demographic are increasing at a faster rate than any other group, due to the rising cost of living in the UK, the credit reference agency stated.
Mark Ward, consumer debt expert at Callcredit, said that the findings were "a sobering reminder about the importance of being responsible when taking on debt and always thinking about how you will repay the money you owe".
He added: "We must be better aware of how to take control of our financial life."
Recent data from Credit Action states that the UK's total level of personal debt reached £1,391 billion in October this year.
