Posted: Fri May 04, 2007 9:44 am
Older people need to come to terms with debt
Older people should be proactive in coming to terms with their debt before they intend to retire, according to a financial services provider.
Thomas Charles debt consultancy has claimed that for people in their 50s, time may well have run out in terms of career progression and accruing significant salary increases.
While younger people are able to accept that they can try to work out of debt and advance their careers to earn much more money, those who have fewer working days ahead than they do behind them need should take action to sort out debts as soon as possible, the company states.
James Falla, managing director of Thomas Charles, commented that older people must therefore come to terms with their debts.
"Therefore, the attitude is: 'I'm in this difficulty - I've actually got to sort it in another way, because I'm not going to be able to work my way out of it'."
A recent survey from Alliance & Leicester revealed that people in their early-30s are the biggest debtors, with an average unsecured debt total of £5,863.
Source: londonstockexchange.com
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
Older people should be proactive in coming to terms with their debt before they intend to retire, according to a financial services provider.
Thomas Charles debt consultancy has claimed that for people in their 50s, time may well have run out in terms of career progression and accruing significant salary increases.
While younger people are able to accept that they can try to work out of debt and advance their careers to earn much more money, those who have fewer working days ahead than they do behind them need should take action to sort out debts as soon as possible, the company states.
James Falla, managing director of Thomas Charles, commented that older people must therefore come to terms with their debts.
"Therefore, the attitude is: 'I'm in this difficulty - I've actually got to sort it in another way, because I'm not going to be able to work my way out of it'."
A recent survey from Alliance & Leicester revealed that people in their early-30s are the biggest debtors, with an average unsecured debt total of £5,863.
Source: londonstockexchange.com
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk