Over 50s 'facing increasing debt problems'

A price comparison site has called for over 50s to plan their finances better in order to avoid debt problems.

Over 50s have seen their debt burden increase in the last 12 month, according to new research.

Statistics published by have revealed that more than a fifth of UK over 50s have taken on more debt in the last year, with the average non-mortgage debt in this age group now standing at 6,734.

Moreover, half of this group have stated that their debts have increased as they have struggled to pay their bills.

Tim Moss, head of loans and debt at the price comparison website, described the figures as "alarming" and called for over 50s to thoroughly review their outgoings and income to avoid further problems.

He said: "Anyone starting to worry about their financial situation shouldn't bury their head in the quicksand of debt - problems are easier to tackle when addressed early."

Last month, the Money Advice Trust also advised over 50s to focus on repaying as much of their debt as possible before they retire.

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