We’ve issues our latest ‘Borrowing in Later Life’ Report containing some interesting findings, such as:
- Total debt of people aged 55 and over is set to rise from £226 billion in 2020 to £236bn in 2021
- 33% of people expect to accrue debt over the next year in order to make ends meet
- The amount of equity released per year in the next decade is set to increase from £3.7bn in 2021 to £6.4bn in 2031
- Credit card debt is the most common type of debt held by the over 55s in the UK
- 1 in 5 people (4.08 million) with credit card debt over the last five years do not pay it off in full
- And more
