Only recently I’ve been reading quite a few articles or reviews on debt and how the nation is in a whole lot of trouble. We take for granted that it’s the younger age bracket which is always needing Debt Consolidation Management guidance but it looks like even pensioners are going to be on the lookout for guidance.
You would assume that people in the sixty five plus age bracket, after a life of working and contributing to some sort of pension, should have no need to get into debt.
After all, the kids have left home, they have left the rat race and now they have retired they can put their feet up and get some ‘me’ time. Or so you would think.
But no, as The Times reports one in five has on average £9,000 worth of debt on credit cards. What’s much more disconcerting is that these very same people are releasing equity from their home in order to pay back this debt. Those who don’t have the needed equity are looking at Debt Consolidation to provide the crucial assistance.
What on earth is going on? Surely by the time you get to retirement age you should no longer be scrimping and scraping? Where has all their money gone? Surely they saved for the future?
It is usually referred to as acclimatisation. We live in a society which is very comfortable to get into debt. The older age bracket who we considered was the bastion of society are also being hooked into this way of thinking. To my mind this can’t lead anywhere good.
Not only do these debts take a decent chunk out of a pensioner’s income but the prediction is that they are unlikely to ever be free of debt; especially if they are simply paying the minimum repayment each month.
The old plastic can be especially handy but I can’t help but speculate if it has stripped us of our mental senses. Where is that good old way of thinking of saving then purchasing?
But, it’s not that easy these days. The cost of living is continually on the rise and life doesn’t get any cushier. Even so, I still think it is really tragic that our sensible old role models are struggling and having to look to Debt Consolidation Management plans as the only way to cope with their funds.
Some have, but supporting their youngsters has become all too common these days and many pensions have not paid out as they should. Pensioners have lost out and after all the years of contributing to our society they now face trouble and strife. They no longer have the income they formerly had and are now on the same road as the rest of us who are entering into an IVA (or Scottish Trust Deed as its known as north of the border).
If the older age bracket are struggling, what hope is there for the rest of us? They had a head start on us with the good old days of reasonable prices and the aptitude to save.
They did not have to enter into a Scottish Trust Deed at such an early age, neither did they max out or even own several credit cards with which they frequently had to transfer from one card to another to escape the interest monster. Debt Consolidation wasn’t even in their vocabulary but now its on the tip of their tongue.
We ought to look after our older ones, they deserve it. If only life would let us.
Tags: credit wipe, debt advice, debt-consolidation, credit card debt, debt-management <BR/>
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