Shocking figures show extent of elderly credit card debt

August 30, 2007

These days it is hard work trying to make enough money in your life to enable you to have a nice, relaxing retirement. So many elderly people are struggling constantly to get by on the money that they receive from their pensions. It can really cause a lot of problems for them financially and so when a potential way out is offered to them, they instantly take it. That is why so many elderly people today are in so much debt.

With mortgages, loans and credit cards, it is thought that as a group, elderly people owe roughly just under £60 million. This really is a shocking figure and it shows just what kind of a mess the current pension system is in. More and more elderly people are taking out credit cards just to get by and the problem is not showing any signs of slowing down.

One of the main reasons why so many elderly people have to take out a credit card, includes the fact that they still haven’t paid off their mortgage. Many pensioners still owe over £30,000 on their mortgages and that can be hard to keep up with when you are no longer working. So the option is to either keep working for longer, or take out a credit card to purchase food and to pay the bills.

When it comes to the amount of debt that the elderly has on their credit cards, usually it adds up to more than £5,000. Another reason why the older generation is struggling with debt, is because they still support their children financially. It might seem a little strange, but people of all ages are currently struggling with debt and so they rely upon their parents to help them out.

Overall there are many reasons why the elderly are finding themselves in a lot of debt. With poor wages and the cost of everyday living currently on the increase, it is no wonder that they are having to turn to credit cards to get by.