Debt buckles budgets of the over 70s

More than 400,000 people aged 70 or over are struggling to make ends meet as debts get on top of them, debt charity Consumer Credit Counselling Service (CCCS) has revealed.

The charity found that 30 per cent of over 70s have no money to repay their debts once they have covered the cost of living. And the situation is set to get worse, as inflation increases and eats into their budgets further.

The research found that the number of over 70s with no money to repay debts would increase to 75 per cent, if their monthly income was reduced by £50.

Commenting, on the findings, CCCS director of external affairs Delroy Corinaldi said: “Not only are money problems difficult to deal with at any age, they are particularly hard at an age when you will find it hard to increase your income. While most people would hope to have paid off their mortgage and other debts by the time they are 70, this is a distant dream for a significant number of older people.

“Old age brings its own added expenses, and so the key message for anyone retired who is struggling to cope with existing debts is to seek free advice from a debt charity as soon as possible.