Debt consolidation could help elderly in poverty cope
Debt consolidation could help elderly in poverty cope
Monday 27th July 2009
According to the Commission, Britain's over-65s have the fourth highest level of poverty in the 27-member states of the EU.
Contrary to younger generations, older citizens may be unable to work in order to stave off poverty. Debt consolidation advice could help ease the burden of financial difficulties suffered by people in such a position.
Currently, poverty amongst those of retirement age in the UK is 11 per cent higher than the EU average, with the figures standing at 30 per cent and 19 per cent respectively.
Brendan Paddy of Age Concern and Help The Aged told the BBC: "The findings are quite shocking, particularly because some years ago we were beginning to see poverty amongst older people in the UK begin to drop, but that progress has now very definitely stalled."
Moneysupermarket.com has suggested that a particular problem for the elderly is expensive utility bills.
Scott Byrom, utilities manager at the website, said: "Despite price cuts … this year, utility bills are still topping the £1,000 mark which, for the elderly, may be too big a burden to carry.
"As such, action needs to be taken now to prevent the number of people in fuel poverty escalating."
Should such action not be taken, the number of elderly people seeking debt consolidation advice could increase as a direct consequence of rising poverty.
News article brought to you by Debt1 – The debt consolidation company
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