Debt and age: a surprising relationship revealed
The infographic below shows the relationship between CCCS clients’ ages and their debts, and how the over-40s age group has serious unmanageable debt, four times the debt that younger clients have.
Older consumers hit by rising inflation and low savings rates
Which? credit and debt expert Martyn Saville commented: ‘These new statistics from the CCCS are worrying, particularly the fact that many over-60s are struggling with hefty debts, even after state retirement age. This age group is particularly sensitive to high inflation but are also dealing with low savings and annuity rates: rising prices coupled with fixed or reducing real-terms income is a recipe for trouble.
‘If you’re struggling with debt, seek independent advice from CCCS, National Debtline, Citizens Advice or Payplan sooner rather than later.’
Which? borrowing and debt advice
If you’re struggling with debt, read the Which? guide How to deal with debt, including 10 reasons you should never use a commercial debt management company.
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