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News: Recession 'hit 35 to 44-year olds hard' News: Recession 'hit 35 to 44-year olds hard'

Recession 'hit 35 to 44-year olds hard'

Mon 15 Mar 2010 - Published in Loans

Recession 'hit 35 to 44-year olds hard'

Adults aged between 35 and 44 are suffering especially hard from the recession, it has been claimed.

Research carried out by Callcredit found that 13 per cent of this group have overestimated their income when applying for credit, compared to the UK average of nine per cent.

Furthermore, one-quarter said that a drop of just £300 in their monthly income would be enough to cause them to default on their mortgage repayments, while only 27 per cent pay off their credit card bills at the end of the month.

The survey also showed that ten per cent of the age group have taken out credit when they think they might not be able to meet its repayments.

Graham Lund, managing director of Callcredit Information Group, commented: "A significant proportion of people aged 35 to 44, many of who may have families to support, are living on a financial precipice."

Timothy Lambert, head of consulting at property investment consultancy Ducalian, recently recommended people strive to pay off their mortgage before they are 55.