Brits ‘facing retirement debt’

17 September 2008

A leading equity release company has warned that many British citizens are set to retire facing potentially significant debts.

Key Retirement Solutions carried out research showing that over one third of those aged over fifty-five and heading towards retirement had average unsecured debts of just over £11,000. A quarter had outstanding loan debts of almost £9,000 and a fifth had outstanding credit card balances.

An official for the company said: "The cost of living for the elderly has surpassed inflation over the past decade, and therefore it is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt."

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