Confused.com says over-50s facing debt problems

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Confused.com says over-50s facing debt problems

Confused.com has reported that it is not just young people who are facing debt problems, as the over-50s are also having to borrow to make ends meet.

Joanne Garcia, head of credit cards at the organisation, made her comments following the release of a study by moneysupermarket.com which indicated that more than half of over-50s in the UK have an average of £6,734 in non-mortgage debt.

Ms Garcia pointed out that older age groups are not immune to the credit crunch and may find that they will need to work for longer than they thought to pay off their debts or just make sure bills are paid.

She noted that it may also involve people borrowing as other income streams fall.

"For those who depend upon savings income, for example, they will have seen this fall dramatically as interest rates have fallen," explained Ms Garcia.

In her view, additional factors such as the need to put kids through university can also put pressure on finances.

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