The number of pensioners in Wales seeking help with their debts has doubled in the last five years according to a recent report.
The number of pensioners in Wales seeking help with their debts has doubled in the last five years according to a recent report.
The centre for credit counselling in Wales analysed 10,000 customer records and found that debt was reducing in Wales overall, but that nine per cent of people seeking advice were over 60 – more than double the number five years ago.
A spokeswoman for the organisation says: “It is a worry. You would be hoping people, especially in their late 40s and 50s, to be paying back their debt to be saving for their retirement.
“It’s quite a marked trend. It may also be that people find it difficult to adjust to retirement and lower incomes.”
Chiltern’s Joanne Gill says: “There has been an increase in the number of over 60′s needing help with debts because often they start by thinking the equity in their house can repay the debts.
“All too often though these can soon spiral out of control and become unmanageable.”
“To ensure the nest egg that may have been built up in equity isn’t wiped out by interest fees and charges, it’s best to seek impartial advice so household finances can be managed easily and effectively.”
The largest group seeking help were those aged 40 to 59, who accounted for 41 per cent of all clients this year helped by the charity.
