Pensioners prepared to pay off debts
Oct 04, 2006
Three quarters of pensioners fully intend to clear their current debts, a new study claims.
However around one in four of the respondents with debts who were polled as part of the Sesame Debt Survey, 200 of which were 65 or over said they intended to take their debts to the grave.
However, the majority of pensioners were working towards paying off debt on credit cards and loans, with 14 per cent of all respondents considering increasing their level of overall debt in order to clear their current borrowing commitments, using means such as borrowing money against the value of their home.
The current generation of pensioners is more comfortable with debt than previous generations being the first generation of adults to experience the consumer credit revolution in the 1960s and 1970s.
If people do not take control of their finances in the lead up to retirement and beyond, the UK's mounting debt crisis may force the government to move towards a system similar to Japan, where debt is passed onto the children on the death of a parent, said head of consumer propositions at Sesame.
With the introduction of the 'deathbed mortgage'. There are clearly issues that need addressing.
With Secured Loan UK .com, no matter whether you're Status or Non Status, being a Homeowner means we can get you a competitive rate that matches your credit history.
All you have to do is complete our Secured Loan Application Form and let us give you a FREE and NO obligation quote.
