Just recently I’ve been reading some articles or reviews on debt and how the nation is in a huge amount of trouble. We take for granted that it is always the younger age group that is regularly needing Debt Consolidation Management assistance but it looks like even pensioners are going to be on the lookout for assistance.

You may suppose that people in the 65 plus age group, after a lifetime of working and contributing to some kind of annuity, would 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 Times reports one in five has on average £9,000 worth of debt on credit cards. What’s a lot more worrying is that these very same people are releasing equity from their home in order to repay this debt. Those who don’t have the necessary equity are looking at Debt Consolidation to offer the necessary 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 funds gone? Surely they saved for the future?

It is called acclimatisation. We live in a society that is very comfortable to get into debt. The older age group who we understood had been the bastion 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 good 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 barely repaying the minimum repayment every month.
The old plastic can be awfully useful 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?

But, its not that simple these days. The cost of living is constantly on the rise and life doesn’t get any easier. Even so, I nevertheless think it really is tragic that our wise old role models are struggling and having to look to Debt Consolidation Management schemes as the only way to control their budget.

Several have, but supporting their youngsters has become all too prevalent 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 previously had and are now on the same road as the rest of us who are entering into an IVA (or Scottish Trust Deed as its called north of the border).

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

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

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

If you enjoyed this post, make sure you subscribe to my RSS feed!