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Debt problems grow in retirement

24/03/2011 Get Adobe Flash player

As debt problems continue to effect British people across the demographics in 2011, it appears that many people over the age of 55 are in danger of having debt blight their twilight years.

That's because the amount of people carrying debt into retirement is continuing to rise.

According to planning services firm Prudential more people "across the board" are entering retirement with money worries because they are quite simply overspending.

Financial advisor at the company Christopher Friel, says: "People are enjoying their later years more; they are going out and there are more credit cards freely available.

"As a result of that they are building that up and taking it into retirement."

Mr Friel added however that clearing this debt will come more easily to some pensioners.

He says: "When they take their pensions they get a lump sum. So rather than allowing that to help them through retirement they are using it to clear off credit card debt". ADNFCR-2613-ID-19954117-ADNFCR

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