Pensioners 'increasingly have to consider debt consolidation'
Published On 20 March 2007
Older people are increasingly getting into debt and having to consider IVAs or other forms of debt consolidation, according to new figures.The Telegraph reports that the Consumer Credit Counselling Service (CCCS) has revealed that a record number of people over 60 have contacted the group in recent months, seeking advice about debt consolidation.
According to the paper, pensioners are increasingly finding themselves in debt because the costs of the goods they typically use, such as food and heating, have increased dramatically in recent months.
This upward pressure means that the CCCS has calculated that inflation for the UK's older residents is currently closer to ten per cent, rather than the national figure of 2.7 per cent.
Figures published separately by the CCCS reveal just how much debt Britain's older citizens are in. According to its data, people over 60 owed an average of £31,482 in 2005, £2,500 more than the country's average.
