- Wednesday, 7 October 2009As a result of the effects of the recession many UK savers have seen their nest egg disappear, with some now finding themselves in debt.
That is according to Confused.com, which has suggested that as a result of the credit-crunch a collection of previously financially secure people have had to borrow in order to get by.
Should these people have to continue borrowing, there is an increased likelihood that they could come to rely on
individual voluntary agreements (IVAs) in order to avoid bankruptcy.
Joanne Garcia, head of credit cards at Confused.com, suggested that people were widely aware of the situation and resigned to having to work longer.
She said: "As a result [of depreciated savings] many people in their 50s have accepted that they’ll need to work far longer in order keep the wolf from the door and/or pay off the debts they are accumulating."
According to recent research from moneysupermarket.com, 22 per cent of over-50s have taken on more debt in the past year.
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