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Over 50s 'not immune from downturn'

By Sarah Engle, Wed 7 Oct 2009 - Published in Loans

The over 50s have not managed to sidestep the effects of the economic downturn, it has been suggested.

Recent research from moneysupermarket.com found that over half of the UK's over 50s have increased their non-mortgage debt in the past year.

Commenting on the survey, Joanne Garcia, head of credit cards at Confused.com, said: "The over 50’s themselves are not immune to the credit crunch and therefore many may have had to turn to borrowing as a way to make ends meet."

She explained that the amount these people have borrowed will depend on how reliant they are on savings income, which has been damaged over recent months by historically-low interest rates.

In addition, Ms Garcia pointed out that debt has become a part of life for most people in the UK and is no longer seen as a problem which mainly affects the young.

The moneysupermarket.com research showed that the average non-mortgage debt held by the over 50s stands at £6,734, while 15 per cent believe debt will always be a part of their lives.