Many pensioners `struggling with credit card debt`

New research from Key Retirement Solutions has suggested that as many as one in five pensioners has outstanding credit card debts, according to The Mirror.

The equity release company claims that average credit card debt stood at £9,086 for the 65-69 age group, while the over-70s owed an average £8,760.

A spokesperson for debt management company Gregory Pennington said: "Some people may assume that pensioners are less likely to build up significant debts, but the reality is that many pensioners do find themselves struggling.

"Given that many pensioners have much lower incomes than people of working age, repaying that debt can be a significant problem.

"However, it must be emphasised that there is debt help available, regardless of the borrower`s age or circumstances. Anyone who finds themselves struggling should seek professional debt advice as soon as possible."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.