Debt `a growing issue` for people over 55

Long-term debt is a `growing issue` among people aged 55 or older, Aviva reports.

The company`s fifth Real Retirement Report shows that many older people are finding it very hard to repay their debts. In all, 23% don`t expect to be free of their debts before the age of 75 at least, while 15% don`t think they`ll ever repay their debts.

21% of the over-55s questioned said that they`re still repaying their mortgage. In just the last 12 months, the average amount outstanding has risen from under £55,000 to just over £65,000.

And 30% are still carrying at least one unsecured debt (a credit card, for example, or an unsecured loan) that they can`t repay at the moment.

Looking at those unsecured debts, credit card debts are the most common ones - 30% said they couldn`t clear their credit card balance every month. Personal loans come next (13% of people in this group), followed by overdrafts (10%).

In terms of size, however, the biggest unsecured debts are personal loans, followed by credit cards.



Gregory Pennington offer debt advice and 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.