Scotland in danger of a Scottish Retirement debt crisis, leading Scottish charity warns

Scotland in danger of a Scottish Retirement debt crisis

, leading Scottish charity warns

Scotland in danger of a Scottish Retirement debt crisis, leading Scottish charity warns

Age Scotland, a Scottish based charity aimed at helping older people in Scotland has warned that over 55's is in danger of being dragged into a personal debt crisis by the time that they are due to retire. The charity are asking for messages about the dangers of over borrowing to be made more prominent by lenders to try and avert financial stress further down the line.

This information is backed up by research carried out by insurance giants Prudential and Aviva, which highlights the need for individuals with debt to look for help before it is too late.

Prudential claims that more than 20% of people retiring this year will have an average personal debt of 33,100.

Aviva published results showing: almost of + 55 aged individuals with debt do not expect to be free from debt until they get to 75, while 15% felt that they will never be debt free.

TrustDeedScotland.net, the leading introducers of Trust Deeds in Scotland agreed with Age Concern that not enough information was being fed to the Scottish public about the dangers of over-borrowing and how it can create insurmountable debt problems for people living in Scotland, should they fall into financial difficulties.

A spokesman for TrustDeedScotland.net commented "We have been aware for some time now that there a growing number of enquiries coming through to our organisation from older individuals who have reached retirement age but are continuing to work on to try and meet their financial burdens, most often caused by circumstances out with their own control. We too would like to warn about the dangers of a Scottish Retirement debt crisis."

There are options open to you if you have debts that you cannot afford to repay.

A Trust Deed for example, is an option that could be available to you if you have personal unsecured debts of more than 10,000. This option uses government legislation to write off debt that you cannot afford to repay and crucially allows you to get your life back on track. A Trust Deed lasts a typical period of 36 months and so if you are aged anywhere up to 62, there is a strong possibility that you could be debt free in time for your retirement party.

If you are concerned about your own finances or of the Scottish Retirement debt crisis in general, you should speak to a qualified money advisor as soon as you can.

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