Retirees facing debt by Finance News Bulletin

Published: 13/12/07

Moving accounts from one bank to another is "simple", according to the British Bankers' AssociationThe value of Christmas presents can "considerably" affect home contents insurance, warns NFU MutualAxa is launching My Budget daylight hours on November 21st in an attempt to encourage populace to take control of their financesA significant number of people aged between 50 and 59 are expected to still be paying off their outstanding debts when they are retired, according to a new report

investigate by Scottish Widows found that one in five retired homeowners have an outstanding mortgage on their property, while one in three have carried over short-term debts, such as credit cards and personal loans, in each of last three monthsIan Naismith, head of pensions marketplace development at the firm, supposed that the research revealed that a number of populace will be facing significant "financial pressure" when they retire"It is important for those people who will be reaching retirement in the next few years, and still have debt outstanding on their mortgage, to consider how most excellent to prepare themselves for the possibility of having to juggle their amount overdue on a reduced income when they stop working," he remarkedEarlier in the year, input Retirement Solutions reported that the average British pensioner owed £7,551 in credit card debt and £9,098 in personal loans

Dean Mirfin, manager of the company, said that access to "simple credit" had added to this

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