Debts loom large over older generation's head

A new research by Consumer Credit Counselling Service (CCCS) has revealed that the average debt of this age group has increased by 25 per cent to around 33,568 pounds.

London (loans-bazaar) 08 July, 2006: A new research by Consumer Credit Counselling Service (CCCS) has revealed that the average debt of this age group has increased by 25 per cent to around 33,568 pounds.

However, the survey found that people in the age group of 40-59 are facing the most awful debt problems. The CCCS estimates that the average personal debt including secured and unsecured loans for these persons stands at £34,456.

Figures show that people suffering from debts in Britain has doubled up in the last 2 to 3 years. The average person contacting the CCCS is having more than £30,000 in arrears.

Gordon Lishman, the head of Age Concern charity, said: People who have relied on credit cards while working may experience a large drop in income when they retire but still have outstanding balances and continue to use their cards. This burden of debt can put a great deal of stress on older people who are struggling to make ends meet.

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