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Older People in UK with More Debt Burden

A new research revealed that people in UK with over 60 years of age registered largest rise in debt in the year 2004 and 2005.



According to the debt advice charity, the Consumer Credit Counselling Service (CCCS), average increase in the debt was 25 per cent. The maximum vulnerable age groups were 40-59. Their on an average debts were £34,456.



Younger people with an average age of 18 to 24 were also looking for debt advice since 2000, as reported by CCCS.



One recent figure showed that the suffering of Britons have increased twice as compared to the data from 2003, with the average person contacting the CCCS, holding an average debt of £15,079.



The head of Age Concern charity Gordon Lishman said to that the people who relied on credit cards while working might have experienced a large drop in income. He also added that this debt burden would increase stress among older people.



Debt consolidation could be one of the intelligent solutions to manage debt burden.



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