Retired debtors could consider secured loans
26/03/2008Older consumers are facing debt during their retirement, according to the Press Association - which may prompt many to consider the benefits of a secured loan.
According to a new study, put together by Help the Aged and Barclays, around a quarter of Brits in their late 50s and early 60s have a significant number of debts which they will take into retirement.
The study showed that there had been "considerable growth" in the amount of borrowing for people within this age bracket and that on average the figure for 2005 had been around four times the amount of that ten years earlier.
Commenting on the research, Help the Aged's head of policy David Sinclair said the level of debt older people face is a "ticking timebomb".
"We know from working with older people suffering from chronic debt problems that even owing a relatively small amount of money can cause untold misery," he said.
Many older consumers who find themselves with outstanding debts can turn to homeowner loans as a way of consolidating their repayments.
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