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Debt 'a problem for older people'

Debt is a problem among all age groups and not just young people, according to a financial education charity.

Credit Action stated that men aged over 60 have the most debt in total, due to various factors such as having a higher income than their younger counterparts.

In addition, it said that older people often have better credit ratings and are therefore able to borrow more money.

Chris Tapp, associate director at Credit Action, commented: "More and more people consider debt to be a problem that affects younger generations, but it is not surprising when we actually think about why it might be that older generations have more debt than anyone else."

Mr Tapp added that senior citizens are also less likely to file for bankruptcy or take out an individual voluntary arrangement than younger people, as there is a greater stigma attached to them among older people.

This comes after the Consumer Credit Counselling Service reported a 65 per cent increase in the number of people asking them for advice over the past year.

The organisation stated that men aged over 60 have the biggest debt problems, owing an average of £36,940 each.

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16/02/2007 16:41:14

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