Excessive Debt not just for young people
According to this recent article it isn’t just the younger generation that are falling into unmanageable debt, the issue is affecting all parts of society. Even with the low interest rates that we have had over the last 10 years excessive debt still is a problem.
They discuss that there is a perception that older people are better off but there is no evidence to back this up ie that debt is effecting predominantly the young. Many people over the age of 55 have had to retire or reduce their working hours have worryingly high debt to income ratios.
Unsecured loans such as credit cards or payday loans are two such products where the borrower may not be able to afford to repay the capital and is simply “treading water” at best by servicing the interest.
33% spend more on credit cards each month that they pay off
According to recent research from the Centre of Economics and Business Research, unsecured debt levels have risen by 34% over the past 4 years. Nearly half of 55-64 year olds have unsecured debts and 1 in 3 spend more on their credit cards each month than they pay off.
The over 55’s are not borrowing to fund luxuries but necessities such as home repairs, repaying other borrowings or day to day expenses. If they do not have savings to fall back on then unexpected costs are forcing them to borrow more in order to make ends meet.
Mortgage debt is also a concern, with 1.67 million British homeowners have either a part or full interest only mortgage which they are not in a position to repay in full at the end of the term. Many older borrowers do not have the investment returns or savings in order to clear the repayment amount they owe.
What are my options?
Get Help With Debt (part of the CD Fairfield capital group) have helped clients all over the UK to write off over £70 million of debt through a variety of debt solutions, such as:
- Debt Management Plan
- Self-Petition Bankruptcy
- Debt Relief Order
- Re-organisation/Consolidation Loan
- Negative Equity Settlements
We provide confidential and FREE expert advice to anyone who is struggling to make the repayments on their borrowings. We take care of all of the hassle in negotiating with your lenders/creditors. As we are authorised and regulated by the Financial Conduct Authority and have all relevant debt solutions in-house, we assess your circumstances and guide you to the most suitable solution for you.
With over 99% of our clients willing to recommend us (check out our reviews here) we are proud of the fact that we have helped thousands of clients achieve debt write off’s of up to 95% of their unmanageable debt and move on from these stressful situations.
If another debt solution is better for you, we’ll advise you of it during your free consultation If you are worried about the cost and affordability of repaying all of your debts then call to arrange a no obligation chat with one of our experienced advisors today on 02890 393626.