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  1. ITV Report

Retirement savers 'struggling' to clear debts

Credit: PA

New research shows retirement savers are struggling to clear their debts.

Financial specialists have found that 40% of working over-55s have difficulties clearing their credit card balance every month.

1 in 7
working over-55s have owed money on their credit cards for more than a year.

Nearly half of those surveyed by Key Retirement said they don’t know the interest rate they pay.

But one in 10 are paying interest rates of more than 20%.

1 in 3
working over-55s have loans and overdrafts on top of credit card debts.

People approaching the end of their working lives need to get their financial house in order as they literally cannot afford to be complacent about the risk of debt when they are retired.

It is obvious but true that the main cause of debt no matter how old you are is an income that is lower than your outgoings and that is an issue that is easier to tackle while you are working and have a higher income.

– Dean Mirfin, Chief Product Officer at Key Retirement