Secured loans and the over 60's
26/02/2008A new survey has revealed that consumers over the age of 60 have higher levels of unsecured debt than any other group.
The research revealed that people in the early part of their 60s had an average debt of £43,760 - which could prompt many to consider the benefits of debt consolidation with a secured loan, the Press and Journal newspaper reports.
It was also revealed that consumers over the age of 66 had an average debt of £35,789 and commenting on the figures, Ian Wright - a spokesman for the group which carried out the research - said that their can be any number of reasons for this debt.
"Many of the people who are calling us do not own their own home and have struggled to repay costs incurred on the likes of their children's wedding or have supported their family in a time of financial crisis," he told the newspaper.
The survey follows a report from MoneyExpert.com, which showed that around one-third of those with credit cards and other debt expressed concern about keeping control of their borrowing.
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