Over-60s are having more problems with debt

Pensioners are running into increasing amounts of trouble with loans and credit, says Callcredit.

The credit reference agency’s research reveals that debt problems grew the fastest within the over-60 age group last year. It predicts that it will be giving more pensioners credit help than under-25s by the end of 2007.

“Take control of your finances by shopping around for the best credit deals and regularly checking your credit report,” says Mel Mitchley, debt expert at Callcredit.

She advises consumers to get a copy of their credit report and work out repayment plans for their loans.

Callcredit’s research shows that more than 60 per cent of customers did not know how much they owed and 15 per cent admitted to having no idea.

Credit Action reported that total UK personal debt reached £1,363 billion at the end of August 2007, growing nearly ten per cent over the previous year.

© Adfero Ltd

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