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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Pensioners’ cost of living rising at four times inflation

28/01/2009

Leading economists have said that the cost of living for pensioners is increasing at almost four times the rate of inflation.

Despite the official CPI rate of inflation falling from 4.1% to 3.1%, Capital Economics has calculated that inflation for pensioners only fell from 12.8% to 12.2% last month.

The research, carried out for The Daily Telegraph, is measured on the same basis as the official CPI measure, with its ‘basket’ of 650 goods and services – although it weights certain things differently, in order to provide a more realistic representation of what different types of consumers experience.

The rate for pensioners reflects the higher proportion of income spent on food, lighting and heating, according to The Daily Telegraph.

A Debt Advisers Direct spokesperson commented: “Rapidly growing costs of living can be troublesome for most people, but for pensioners the situation could be especially difficult, and can quite easily push them into debt. We advise anyone worried about debt to contact a professional debt adviser as soon as possible.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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