- Monday, 5 October 2009The number of people over the age of 50 entering into an
individual voluntary agreement (IVA) could increase as a result of a rise in debt levels among the age group.
According to recent research from moneysupermarket.com, 22 per cent of British over-50s have taken on more debt in the past year.
Furthermore, 51 per cent of the demographic hold non-mortgage debt, with the average debt standing at just under £7,000.
Tim Moss, head of loans and debt at moneysupermarket.com, advised the age group to factor in consideration of prospective finances in their retirement years.
He commented: "The fact that half of the people in this age group are still in debt above and beyond their mortgages is alarming.
"Those aged over 50 have to factor how long they can continue earning, and begin thinking seriously about their finances in retirement."
It was also revealed that 21 per cent of Britain's over-50s believe they are in "a lot less debt" compared to the same time last year.
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