Pensioners In Worse Debt Than Ever Before
Figures released by the Insolvency Service has highlighted that pensioners are now six times more likely to go bankrupt than they were 10 years ago.
We have also seen an increase in personal insolvency from 983 in 2004 to 2,595 in 2008 but it is believed that the reason pensioners are being affected more than other group could be because they are going into retirement with debts, along with increased life expectancy as well as the recession.
But possibly the most worrying statistic is that those aged between 65 and above are now going bankrupt 50% faster than any other age group.
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;