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 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”.
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