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Retirees face decades of debt as living costs soar

first_img Show Comments ▼ Tags: NULL whatsapp KCS-content Tuesday 8 March 2011 7:33 pm Retirees face decades of debt as living costs soar whatsapp A FIFTH of UK retirees still have thousands of pounds of mortgage debt while a third owe money on credit cards, a report showed yesterday.Outstanding mortgage debt among over-55s has also risen by a fifth to more than £65,000 from £54,500 in February 2010, according to Aviva’s latest Real Retirement Report.The survey painted a picture of retirement-age people too reliant on the state pension and borrowing. Over-75-year-olds now hold an average £3,370 in credit card debt, while just 42 per cent of those retiring have a private pension provision. “While mortgage borrowing generally falls as people age, this does not appear to be the case with credit cards,” the report said. “In an ideal world people would start the count-down to retirement without debt, but for many people this has not been possible due to economic realities, poor financial decisions or family obligations,” said Aviva director Clive Bolton.Most blamed the rising cost of living for their debt, and almost a third said they would cut back on luxuries to pay it back. But eight per cent were looking to return to work and six per cent to sell their house to pay it off. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Sharelast_img

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