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Wednesday, 25 January 2012

The families and pensioners who are slipping deeper into the red as average debt soars

Families and pensioners are being pushed to breaking point by massive debts, two reports will warn today.

One study found that one in five workers is in debt when they retire, often with a large mortgage and a personal loan. On average they owe £38,200.

Another report showed that the average family’s debts have ballooned by nearly 50 per cent over the last year.

In January last year, such families had average debts of £5,360. But this has soared to £7,944.

This does not include mortgage debts, only ‘unsecured’ debts such as an overdraft or a loan. If mortgages were included, the average family’s debt would be £110,000...more

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