Rising cost of living: retirement debt problems
01/02/2011More consumers could be facing debt problems in Britain today, as a specialist in retirement income release figures showing the national cost of living has increased by £33 billion.
MGM Advantage Annual says that typical household expenditure is estimated to be as high as £35,000 in 2011, meaning more people may need to pursue debt solutions.
When the same circumstance is applied to households where the occupant is aged more than 65 is around £22,000.
MGM thinks that overall British households must now find an extra £2.6 billion to maintain the standard of living enjoyed 12 months ago, and stay out of debt problems.
Sales and marketing director for MGM Advantage, Aston Goodey says: "Rising inflation is a hot topic at the moment."
Debt expert Kevin Still says: "We see a large number of indebted clients that are over sixty and the average level of unsecured debt is over £26,000 with over seven creditors, many of these being credit card debts.
"Of the homeowners, many still have an outstanding mortgage, which can be difficult when income drops following retirement of one or both of the clients starting a Debt Management Plan (DMP)." 
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