More than 50% of the UK’s population over 50 have an average of nearly £7,000 non-mortgage debt – if you’re facing debt problems the earlier they are addressed the better.
According to research by moneysupermarket.com, over 20% of the over 50’s have taken on more debt in the last 12 months, with 5% increasing their debt ‘a lot’ in this time.
What’s really worrying is that of those whose debt has increased, nearly 50% said they had gone further into the red just to keep paying the bills.
If debts are increasing is it time to get some debt help?
As Tim Moss, head of loans and debt at moneysupermarket.com, says ‘For those who have seen significant increases in their indebtednes over the last year, I would strongly encourage them to go through their household budget ruthlessly, line by line, and identify where outgoings can be cut.
Those struggling to make their repayments must avoid the temptation to try to ignore the problem and should contact their lenders as well as one of the independent and free debt advice charities such as National Debtline or the Citizens Advice Bureau.’
Critically if you do have concerns over growing debts, the sooner you get debt help and tackle them the better it will be for you.