Pensioners Are The Most Recent Victims Of The Debt Culture What Will This Signify For The Rest Of Us?
Just lately I have been reading several articles or reviews on debt and how the nation is in a lot of trouble. We believe that it’s always the younger age bracket which is always requiring Debt Consolidation Management guidance but it looks like even pensioners are going to be on the lookout for guidance.
You could think that people in the 65 plus age bracket, after a lifetime of working and contributing to some kind of pension, would have no necessity to get into debt.
After all, the little ones have left home, they’ve left the rat race and now they’ve retired they can put their feet up and get some ‘me’ time. Or so you would believe.
But no, as The Telegraph reports one in five has on average ?9,000 worth of debt on credit cards. What is much more disconcerting is that these very same people are releasing equity from their property in order to pay back this debt. Those who do not have the needed equity are looking at Debt Consolidation to provide the essential aid.
What on earth is going on? Surely by the time you get to retirement age you should no longer be scrimping and scraping? Where has all their wealth gone? Surely they saved for the future?
It is known as acclimatisation. We live in a society which is very comfortable to get into debt. The older age bracket who we considered were the foundation of society are also being hooked into this way of thinking. To my mind this can not lead anywhere good.
Not only do these debts take a fair chunk out of a pensioner’s income but the prediction is that they are not likely to ever be free of debt; especially if they’re simply repaying the minimum repayment each month.
The old plastic can be especially handy but I cannot help but speculate if it has stripped us of our mental senses. Where is that good old way of thinking of saving then purchasing?
Then again, it’s not that easy these days. The cost of living is continuously on the rise and life does not get any less difficult. Even so, I still think its tragic that our sensible old role models are struggling and having to look to Debt Consolidation Management plans as the only way to manage their funds.
Many have, but supporting their youngsters has become all too widespread these days and many pensions have not paid out as they should. Pensioners have lost out and after all the years of contributing to our society they now face trouble and strife. They no longer have the income they one time had and are now on the same road as the rest of us who are entering into an IVA (or Scottish Trust Deed as its called north of the border).
If the older age bracket are struggling, what hope is there for the rest of us? They had a head start on us with the good old days of sensible prices and the ability to save.
They did not have to enter into a Scottish Trust Deed at such an early age, neither did they max out or even possess several credit cards with which they constantly had to transfer from one card to another to escape the interest monster. Debt Consolidation wasn’t even in their vocabulary but now its on the tip of their tongue.
We ought to look after our older ones, they deserve it. If only life would let us.
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