Over-55s 'could need debt help'
Published On 22 December 2007
Many people over the age of 55 owe money and are unsure of the extent to which they are indebted, indicating the need for responsible borrowing and lending.According to research from CallCredit, 16 per cent of people over the age of 55 are not able to define their debt levels.
The report has urged people to take control of their borrowing, amid fears that the credit crunch could cause an increase in insolvencies and repossessions.
"It is essential that people start to borrow more carefully in order to avoid having to owe more than we are able to pay back," said Mark Ward from CallCredit.
He recommended that people worried about their finances check their credit report and seek advice from professional organisations about how to clear debts.
A recent report from Money Expert revealed that one in ten people still haven't cleared credit card balances from last Christmas.
