Bankruptcy Fears For Pensioners

The UK Insolvency Service has revealed a worrying increase in levels of bankruptcy amongst pensioners. Although Bankruptcy continues to be most prevalent amongst 35-44 year olds (ten times higher than those of pensionable age), the rate of growth amongst pensioners is alarming. 

With the first of the credit card generations approaching retirement age over the next ten years and with limited opportunities to increase their income, the UK could be facing a significant credit impairment problem.

In response to the figures, Una Farrell of the Consumer Credit Counselling Service said "Dealing with debt is particularly hard as you get older as you are likely to have limited opportunities to increase your income."

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