There are more pensioners above the age of 65 in the UK than there are children under the age of 16!
In debt after retirement?
- Coping with or trying to consolidate debts as a pensioner or retired widower?
The amount of money owed by retired people in the Britain today is huge, almost £10 billion by some estimates and it is growing by the day. Debt help UK for the retired has never been more important as daily living expenses become ever more expensive and pensions don’t keep up.
Many more retired people have outstanding balances on their mortgages without the income to support them than was the case in the past. We all hope and expect that once we retire we should be enjoying life after a lifetime of work, rather than worrying about how we are going to pay the bills or even heat our homes in the winter.
Many pensioners in debt and widowers are struggling by on meagre incomes yet still have credit cards and store cards which they use to help out each month. These debts just keep growing for some and they never get out of the cycle of debt that follows.
Because retired people have a pretty fixed income level, they do not have the surplus money needed to clear debt when unexpected expenses occur. Many people get disappointed and virtually give up believing that no one cares.
There are things that can be done to help a little bit at a time. Small savings can add up to important savings that can make enough difference to solve the problem.
1. Changing British utility supplier for example can save hundreds of pounds a year.
2. Choosing a British credit card with a lower interest rate can save hundreds of pounds.
3. Ensure you are claiming every British benefit you are entitled to. Many British people don’t even know what they are entitled to.
Often older people live in homes that are worth substantial amounts while they live in relative poverty. In really difficult situations it may be advisable to release some of the equity in your home or even consider moving into a smaller property to free up some cash to ease your financial predicament.
If you would like some reliable British debt advice about what might work best for you in your retirement, get in touch and have an informal chat to one of our trained advisors.
- Call our personal debt helpline on 0800 018 6868 in confidence.
