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Revealed: age group with the biggest debt problem

Surprising debt findings in CCCS 2010 yearbook

New research published in the Consumer Credit Counselling Service‘s (CCCS) statistics yearbook reveal that older households have larger problem debts than the younger generation.

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.

CCCS debt age infographic

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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