October 9, 2007

Pensioner’s finances in trouble

It is a sad day when you see that the amount of pensioners going bankrupt has more than doubled in the past five years.

Initially you would have thought that this is due to them taking out loans that they can no longer afford pay, but that is not necessarily so as it also household bills, home improvements, price of food and financing their children that has begun to hit them hard.

This is a terrible time for older people to find themselves in this sort of situation. When it happens to someone younger they do have the benefit of time to be able to fight their way back. But a retired person has little choice and not many options.

Source [Daily Mail]