Debt Soars For Over 55s
Recent insolvency statistics make grim reading for the older generation.
In the second quarter of 2011 the typical debt level for the over 55’s was just over £17,000. By the second quarter of 2012 the figure is now nearly £25,000 – an increase of over 30%.
Tim Corfield, Managing Director of Griffin & King, commented:
“Yes, the figures are worrying. Research also shows that the cost of living for pensioners has risen by 20% due to food inflation and the increasing cost of household utilities.
This is the wrong time of life to have financial problems. Let’s hope the insolvency and debt industry can make a better job of assisting these people than their lenders ever did. These figures support our experience that enquiries are increasing from pensioners and the older generation.
We see an increasing number of cases where the younger generation borrow money on the security of their mom and dad’s property for their half baked business ventures – this is so dangerous. By the time we get involved a horror story is beginning to unfold.
We are always pleased to give a free consultation to anyone with financial difficulties to help find the best solution”.