A new study by Age-UK has highlighted how more older couples are getting into difficulty with unsecured debt including credit cards, loans and catalogues.
In 2002, 23% of people over the age of 50 had unsecured debts. In 2010, this had increased to 28%.
Age UK found that those with unmanageable levels of debt are suffering a decline in their quality of life. The study also indicated that overall, the majority of older people were managing their unsecured debts well, or didn’t have them at all. However, the number of older people with debts is on the rise. This is due to budgets being squeezed by higher living costs including utilities coupled with poor returns on savings and investments.
Beverley Budsworth, Managing Director of The Debt Advisor adds:
“We are definitely seeing an increase in the number of over 50’s seeking help with debt problems. Approximately 33.5% of clients we currently help with debt management plans are 50 or above. We also frequently find debt is incurred supporting family who are going through tough times”.
Bev goes onto say, “We have also encountered some real horror stories of older people getting into serious levels of debt buying medicines on the internet and not realising they were signing up to 12 month contracts.”
The Debt Advisor understand the specific needs of older people struggling with debt issues. They prefer to be able to meet face to face to discuss their problems. Organisations such as Age UK also have specialist teams to help individuals struggling with debt issues.
If you would like to speak to an advisor at The Debt Advisor or would prefer a face to face visit, please call on 0800 0851 825 (or call 0161 868 2500 if calling from a mobile) to speak with one of our trained advisors.