As per insolvency firm Thomas Charles, people who have crossed the age of fifty five have a tough time tackling their debts. It is expected that a quarter of debt above £10,000 for people in this age group are expected to go insolvent. A report from the government side is also expected which would state the number of people that have reportedly gone insolvent in the first three months of current year.
It clearly demonstrates that old people are having a tough time tackling debt as compared to the young generation. One of the main reasons behind this is that income resources continue to dry as age progresses and increased dependency on others increases the chances of them getting insolvent. Though analysts claim that figures are slowing down but this highlights the sorry affair of the government which has found itself incompetent in coming to the rescue of elderly.
Via bbc
