Seniors debt collecting credit

Seniors debt collecting credit

Tags: Pensioners and the over-65s is racking up debt faster than ever, and are also failing to make payments in record numbers.

standard rate for people over 75 has increased more than 200 percent during the last 10 years. For more than 65 years has increased 150 percent.

A report from credit rating and research firm Veda shows older Australians have become more dependent on credit than ever before so many are struggling to make ends meet.

On the other side is Veda credit falls out of favor with young Australians.

Applications Card for 18-to-20 years fell as they fought to avoid debt.

But there were financial pressures on older Australians had a strong reaction by financial experts.

Veda general manager of consumer risk Angus Luffman said most violations focused on everyday living expenses such as service account.

Financial Services Australia chief executive Fiona Guthrie said it would be difficult to reduce spending when people hit retirement.

“After retirement, some people find that their income has gone down, but the limits of their credit card can be qu ite high,” said Ms. Guthrie.

“setting may be difficult, but more insidious reason is that many older Australian is simply wrong. They can only use credit to make ends meet,” she said.