Only recently I’ve been reading lots of articles on debt and how the nation is in a great deal of trouble. We take for granted that it is the younger age band that’s constantly needing Debt Consolidation Management assistance but it appears even pensioners are going to be on the lookout for guidance.

You could think that people in the sixty five plus age bracket, after a life of working and contributing to some type of retirement fund, should have no necessity to get into debt.

After all, the little ones have left home, they have left the rat race and now they have retired they can put their feet up and get some ‘me’ time. Or so you would think.

But no, as The Independant reports one in five has on average ?9,000 worth of debt on credit cards. What is even more worrying is that these very same people are releasing equity from their family home in order to repay this debt. Those who don’t have the required equity are looking at Debt Consolidation to supply the essential help.

What on earth is going on? Surely by the time you get to retirement age you should no longer be scrimping and scraping? Where has all their money gone? Surely they saved for the future?

You will find it is referred to as acclimatisation. We live in a society that’s very comfortable to get into debt. The older age band who we believed was the foundation of society are also being hooked into this way of thinking. To my mind this can’t lead anywhere good.

Not only do these debts take a fair chunk out of a pensioner’s income but the prediction is that they are unlikely to ever be free of debt; especially if they’re merely repaying the minimum repayment every month.
The old plastic can be extremely convenient but I cannot help but question if it has stripped us of our mental senses. Where is that good old attitude of saving then purchasing?

Although, it is not that straightforward these days. The cost of living is continuously on the rise and life does not get any less difficult. Even so, I still think it really is tragic that our shrewd old role models are struggling and having to look to Debt Consolidation Management policies as the only way to manage their finances.

Quite a few have, but supporting their children has become all too widespread these days and a lot of pensions have not paid out as they should. Pensioners have lost out and after all the years of contributing to our society they now face trouble and strife. They no longer have the income they formerly had and are now on the same road as the rest of us who are entering into an IVA (or Scottish Trust Deed as it’s called north of the border).

If the older age band are struggling, what hope is there for the rest of us? They had a head start on us with the good old days of affordable prices and the aptitude to save.

They did not have to enter into a Scottish Trust Deed at such an early age, neither did they max out or even own a lot of credit cards with which they continually had to transfer from one card to another to escape the interest monster. Debt Consolidation wasn’t even in their vocabulary but now it’s on the tip of their tongue.

We have to look after our older ones, they deserve it. If only life would let us.

Tags: Debt

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