23 June 2006
Some of the UK's retired population continue to use credit cards even when they have a much reduced income, a charity has warned.
Debt levels are rising fastest among retired people and those nearing retirement, according to figures produced by the Consumer Credit Counselling Service.
Gordon Lishman, the head of Age Concern, told the Telegraph: "People who have relied on credit cards while working may experience a large drop in income when they retire but still have outstanding balances and/or continue to use their cards.
"This burden of debt can put a great deal of stress on older people who are struggling to make ends meet."
He said that an improved pensions system was need to tackle the problem.
"A more generous pensions system is urgently needed to help people to meet their living costs in later life. Inadequate pension provision and changes in circumstances, such as illness and disability, divorce and bereavement, can all contribute to debt problems in retirement."
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