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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`

Over 50s can`t afford to enjoy retirement because of debts

01/07/2010

According to a study by Saga Equity Release, 17% of over 50s are left with very little money to enjoy their retirement once they have repaid their debts, while 41% of retirees find repaying their debts difficult, headlinemoney.co.uk reports.

However, more and more over 60s are now taking out equity release plans to unlock money from their homes so they can enjoy a `better quality of life in retirement`.

Figures show that 13% of over 55s are retiring in debt, and 40% of this age group have used equity release as a way to repay these - leaving them `better off in real terms` and free to enjoy their retirement.

Executive Chairman of the Saga Group, Andrew Goodsell, said: "This study dispels the concept that equity release is the last resort for those who have nowhere else to turn. We have found that people are increasingly likely to use equity release to clear debts, enabling them a better quality of life in retirement."

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according