Rat and Mouse
Fri
18
Aug
Oldies in debt - startling new figures

18Aug06oldpeople.jpgA survey by credit information company Equifax reveals that more than 40% of over-60s still have a mortgage to pay, and, of those, a million still owe £50,000 or more, and 700,000 owe more than £100,000. I don't know about you, but I find those figures startling. I'm officially startled. Re-mortgaging (otherwise known as "equity release") is the main culprit, with one in five borrowing against their properties in the last year. More here.

Comments

Equity Release is the 'saviour' for many retired people who need their income supplemented, or would like capital to improve their living standards. With no repayments to make, how can this be wrong?

Posted by Chris at September 6, 2006 3:00 PM


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