Scotlands Elderly in Debt

Scotland’s Elderly in Debt

Scotland’s elderly are in debt according to a debt management company.

The average 61-65 year old Scot calling Glasgow-based debt solutions company Newtomorrow for advice has nearly £44,000 of unsecured debt, while the 66-plus group has an average debt of nearly £36,000.  These figures compare to the average caller to the helpline who is 41 years old and owes just over £30,000.

Our view

These are surprising figures and we are not sure why this should be.  The whole debt situation in the UK is, as far as we are concerned, out of control.  The Government needs to pass laws to give the UK finance regulator the FSA powers over credit card and unsecured loans.

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