When you think of debt you immediately think of people like students going to university or the everyday middle class in their 30s trying to make ends meet.
You certainly do not by any stretch of the imagination consider pensioners struggling with debt management.
However, according to a recent article, figures given by GFK NOP indicate that in the UK our dear old parents and grandparents spend £1.
1 billion - yes billion - pounds on their credit cards each month.
Shocking! How could this be? It doesn't seem to compute with the brain cells that a by the time one reaches retirement age that you should have to be resorting to credit to end your days.
So what is going on? Are older ones really being irresponsible or is there something more sinister going on? You will always have those who'll go out and be silly, but by the time you get to that age, you've been there, done that; been carefree, dealt with life's highs and lows and ended with a dignified behaviour.
One simple word answers it all.
Life; it has become costly, pensions have been destroyed and interest on savings has plummeted.
On top of it all, our beloved mature adults are now having to payout for their younger counterparts, to enable them to become independent and not be flattened by impending debt themselves.
The rate at which our financial climate has become critical has shocked us all.
This is why our humble aged ones are struggling after a lifetime of hard work and being sensible.
How much more troublesome is it for younger ones who are only just starting out? So no matter how young or old we are, how can we turn this around and manage our credit card, mortgage and loan debt? If we can't avoid owing then how do we manage it? One simple rule is; don't spend what you haven't got.
If you can't afford it, don't buy it.
Sounds harsh but the only way to avoid the pitfalls of ballooning debts is to be totally aware of what you can and cannot afford.
Entering into debt should always be done with the future in mind.
How are we going to pay it back? It's no good doing it out of desperation if a couple of months down the line we're not coping with paying it back.
We're just making things worse for ourselves.
There is nothing wrong with debt.
It's only wrong when we can't pay it back and incurring copious amounts of interest on several credit cards or loans.
We win when despite having those debts we pay it off straight away before interest is added on, or when we choose interest free options that enable us to use our disposable income to pay it off in a given time.
Life is hard enough when we're young, gets tougher as we get older so the least we can do is soften the blow by planning and budgeting wisely and also, if needed, seeking debt advice before it's too late.
You certainly do not by any stretch of the imagination consider pensioners struggling with debt management.
However, according to a recent article, figures given by GFK NOP indicate that in the UK our dear old parents and grandparents spend £1.
1 billion - yes billion - pounds on their credit cards each month.
Shocking! How could this be? It doesn't seem to compute with the brain cells that a by the time one reaches retirement age that you should have to be resorting to credit to end your days.
So what is going on? Are older ones really being irresponsible or is there something more sinister going on? You will always have those who'll go out and be silly, but by the time you get to that age, you've been there, done that; been carefree, dealt with life's highs and lows and ended with a dignified behaviour.
One simple word answers it all.
Life; it has become costly, pensions have been destroyed and interest on savings has plummeted.
On top of it all, our beloved mature adults are now having to payout for their younger counterparts, to enable them to become independent and not be flattened by impending debt themselves.
The rate at which our financial climate has become critical has shocked us all.
This is why our humble aged ones are struggling after a lifetime of hard work and being sensible.
How much more troublesome is it for younger ones who are only just starting out? So no matter how young or old we are, how can we turn this around and manage our credit card, mortgage and loan debt? If we can't avoid owing then how do we manage it? One simple rule is; don't spend what you haven't got.
If you can't afford it, don't buy it.
Sounds harsh but the only way to avoid the pitfalls of ballooning debts is to be totally aware of what you can and cannot afford.
Entering into debt should always be done with the future in mind.
How are we going to pay it back? It's no good doing it out of desperation if a couple of months down the line we're not coping with paying it back.
We're just making things worse for ourselves.
There is nothing wrong with debt.
It's only wrong when we can't pay it back and incurring copious amounts of interest on several credit cards or loans.
We win when despite having those debts we pay it off straight away before interest is added on, or when we choose interest free options that enable us to use our disposable income to pay it off in a given time.
Life is hard enough when we're young, gets tougher as we get older so the least we can do is soften the blow by planning and budgeting wisely and also, if needed, seeking debt advice before it's too late.
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