Older workers facing indebted retirement

The recent failure of the High Court appeal against the mandatory retirement age, coupled with a drop in interest rates and eroded house equity, means many are facing an impoverished old age according to debt management specialists, EuroDebt. Analysis of the company's current client base shows that of those over 60, almost 1 in 3 still have a mortgage and the average unsecured debt for these homeowners is just under £40,000. Kevin Still, director at EuroDebt, says "The figures for debt in the over 60s has gone up quite considerably since the recession took hold...