Payday loans an issue for the over 60s

Nia Williams

May 9, 2013

The average debt owed by the over 60s in 2012 was £1,221, up from £1,136 in 2011.

Commenting on the figures, Delroy Corinaldi, external affairs director at StepChange Debt Charity, said: “The rise in the number of older people seeking help from the charity along with their higher than average debt levels is very worrying.

“Whatever someone’s income level during their working years, most would expect to be in a stable, if not comfortable, financial situation when they are older.

“Unfortunately those in this age group who are struggling with debt are particularly vulnerable as their earning potential has diminished.

“It is therefore crucial that they do not suffer alone and are given the help and support they need to deal with their financial situation.”

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