Debt is sweeping the country and it is not only the young that are living with a cloud of debt hanging over them, a new survey has shown that pensioners are also racking up debts on credit cards and loans whilst one in five of retired homeowners still owe money on their mortgage averaging at £38,000.
There are plenty of theories as to why the over 65’s are finding themselves owing more than previous generations. One suggestion is that the continuing rise in house prices is making it more and more difficult to get on the housing ladder early, the later you take out a mortgage, the less money you may have to put into a pension for your retirement.
Wales also seems to be the worst affected area. Read the full article published by The Western Mail here
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