Monday 5th of October 2009
More than half of Britons over the age of 50 are in debt, according to new research, so may wish to seek debt management plan advice.
Research conducted by moneysupermarket.com reveals that 51 per cent of people in the age group have non-mortgage debts.
The average amount owed amongst the demographic is £6,734, something a debt management plan can be of assistance with.
A debt management plan is organised by a financial expert who may be able to reduce interest rates on your debt.
The plan could help to reduce a consumer’s outgoings and decrease the time it takes to become debt-free.
Tim Moss, head of loans and debt at moneysupermarket.com, said: "Those aged over 50 have to factor how long they can continue earning and begin thinking seriously about their finances in retirement."
Tomorrow (October 6th) marks the start of new regulations that allow over-50s to invest more in their individual savings accounts.
This could prove to be an extra incentive to clear your debt in order to take advantage of the new rules.
By Hayley Jones
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