People approaching their retirement continue to have to pay off their debts, which may include unsecured Car Loans, new research has revealed.
Key Retirement Solutions reports that over one in three people over the age of 55 have some form of outstanding debts
According to the firm, people within this age group have an average of £11,106 in unsecured debt each.
One in four was found to have outstanding loan payments, while a fifth owe money on their credit cards.
Dean Mirfin, business development director at Key Retirement Solutions, said: "The cost of living for the elderly has surpassed inflation over the past decade therefore it is more important than ever that consumers are aware of the dangers of approaching retirement with such large amounts of debt."
In related news, David Kuo, head of personal finance at fool.co.uk, recently urged people to look for "flexibility" and compare interest rates when considering taking out a loan.
Sunday, August 31, 2008
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1 comment:
There are so many unsecured loans on the market these days with an increasing variety of rates, fees and features that it really pays to shop around. Thanks for the info!
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