By Romesh Navaratnarajah: UK homeowners aged 60 and above who are struggling to pay off their mortgages jumped nearly 50 percent in two years, according to the Consumer Credit Counselling Service (CCCS), Britain's largest debt charity.
Records show that phone calls from this age group, which has an average loan of around £130,000 (S$268,000), rose by 44 percent between 2009 and 2011, while calls from other age groups grew by just three percent.
According to the charity, the number of over-60s seeking help on their home loans surged to 1,111 last year compared to 769 in 2009.
Data also showed that the traditional dream of reaching old age with no mortgage obligation is becoming increasingly harder. Moreover, it highlighted the devastating effect of the economic crisis on the elderly, who mostly rely on a fixed income amid the rising cost of living. Related Stories: US mortgage rates hold near record lows
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