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Over 50s 'owe almost £7,000'

By Sarah Engle, Mon 5 Oct 2009 - Published in Loans

More than half of the UK's over 50s have some form of non-mortgage debt, new figures show.

Research carried out by moneysupermarket.com revealed that 51 per cent of over 50s owe money through products such as personal loans and credit cards, with the average amount of non-mortgage debt standing at £6,734.

The survey also showed that 22 per cent of older people have found themselves in more debt over the past 12 months, although another 17 per cent have managed to reduce the amount they owe.

In addition, of those that still owe money, 48 per cent revealed they went further into the red to pay their day-to-day bills and 15 per cent expect debt to always be a part of their lives.

Tim Moss, head of loans and debt at moneysupermarket.com, commented: "Those aged over 50 have to factor how long they can continue earning and begin thinking seriously about their finances in retirement."

Last month, research from Saga Group showed that almost half of older people hold more than one credit card, while seven per cent admit to owning five or more.