Debt News

Scottish retirement debt `on the rise`

7 October 2008

Retirees in Scotland are subject to greater levels of debt than they were four years ago, it has been suggested.

According to a report by Citizens Advice Scotland (CAS), people aged 60 and over are 25 per cent more indebted than was the case in 2004.

The charity also found that, among the individuals who use its services, the average amount of money owed is now £17,767, although a quarter have debt exceeding £25,000.

Commenting on the issue, CAS chief executive Kaliani Lyle said: "It is important that older people ensure that they are claiming all the benefits they are entitled to, but we also need to see more responsible lending from creditors, taking fully into account a client`s situation and level of income."

She added that debt can become a significant source of stress for people who cannot see a way out of it.

During a recent seminar, the Life Trust Foundation warned that as people continue to live for longer in the UK, more must be done to avoid personal finance problems for retirees.

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