Pensioners are still struggling to repay debts on personal loans and credit cards and it is pushing some below the poverty line, according to a debt advice group.
The average secured and unsecured debt owed by pensioners is approximately £17,342, found research carried out by the organisation One Advice.
Over 700,000 pensioners are still repaying their mortgage and around 1.42 million owe a collective £1.67 billion on credit cards.
Chris Holmes from One Advice said that it was concerning that so many pensioners are still struggling with debt repayments despite the fact they are no longer working.
"Many of them will be servicing their debts from their pensions and this no doubt contributes to around two million pensioners living below the poverty line," he added.
The research highlighted the fact that over 77,000 pensioners had already fallen behind with their debt repayments.
The research further illustrates the need for working people to give careful consideration to their future pension plans to avoid falling into poverty in their old age.
By putting some of their salary into a pension fund, people could then look forward to a more comfortable retirement, free from concerns about debt repayments.
Pensioners still paying off debt with pensions, reveals research
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Pensioners still paying off debt with pensions, reveals research
Tue, 04 Apr 2006
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