More people retiring in debt
The ‘Credit Crunch’ continues as a study has shown that retired borrowers in the UK owe four times what they did 10 years ago.
The survey, by Help the Aged and Barclays, found that a quarter of people approaching retirement age have outstanding consumer credit commitments.
It said there had been “considerable growth” in sums of money borrowed by credit users, including older people.
UK consumers owe more than £1 trillion in secured and unsecured borrowing.
The reason for this debt is a combination of factors but one thing is sure, if more people realised that a simple home based business could not only bring in a few hundred extra pounds each month, but even lead to substantial residual earnings even in retirement, these figures would be very different.
While Help the Aged head of policy, David Sinclair, warns of a “ticking timebomb”, our industry is seeing massive growth and a bright future. We are in one of the very few truly recession proof industries, and have the answer to so many people’s problems - we just need to spread the word and educate the public about this fantastic opportunity.