Elderly ‘have debt woes’
The elderly are the most debt-ridden demographic in the UK, recent research has claimed.
According to a number of recent studies, those aged over 60 are fast becoming greater in debt than those in their early 20s who have to pay off student loans and get a foot on the bottom rung of the property ladder.
The Consumer Credit Counselling Service (CCCS) recently forecast that by the end of this year, its advisors would be lending their support to more people aged over 60 than under 25.
Malcolm Hurlston, chairman of CCCS, stated that "increasing levels of debt among the over-60s has been a marked trend for the past 18 months and shows every sign of increasing".
In addition, high street bank HSBC has recently revealed that despite their debts, people in their 60s and 70s contribute billions into the economy very year, while many people aged over 60 are remaining in work longer.
Earlier this month, the BBC reported that about one-quarter of people aged over 55 predicted that they will go bankrupt in the future.
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