Over-50s taking steps to reduce their debt, says moneysupermarket.com

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Over-50s taking steps to reduce their debt, says moneysupermarket.com

Mon 5th Oct 2009

People over the age of 50 are actively taking steps to reduce the amount of money they owe, it has been asserted.

Tim Moss, head of loans and debt at moneysupermarket.com, made his comments as the organisation published data indicating that 51 per cent of Brits over the age of 50 have non-mortgage debt.

It also indicated that the average amount owed by these people is £6,734.

However, 48 per cent of consumers in this age group reduced their outstanding borrowings over the past 12 months.

"At a time when people should definitely be decreasing rather than increasing their borrowings, it's encouraging to see that a good number Brits aged over 50 are taking active steps to reduce the amount they owe," Mr Moss concluded.

In recent days, the site published figures which indicated that tracker mortgages are becoming more popular in the current low-rate environment. The research also showed that fixed-rate products are becoming less popular with consumers.

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