Over a third of over 55 year olds have outstanding unsecured debts and could be heading for retirement collectively £66bn in the red, averaging over £11,000 per head, according to Key Retirement Solutions.
Research also found over £28bn is owed by over 55s on credit cards alone, while the average personal loan debt is nearly £9,000. The study, based on approximately 4,500 people in the UK aged 55 and over who released equity in their homes with Key Retirement Solutions, found the situation worsens when taking into account the average outstanding mortgage debt which stands at £37,316 a person for this age group. The greatest concern is people are seemingly getting deeper in debt the further they go into retirement, according to Key Retirement Solutions. Over 70s are most at risk with ...
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