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Credit card charges: Fifth of Brits retire in debt

One in five Brits will retire in debt, be it through credit card charges or still paying off their mortgage, research has revealed.

Financial services company Prudential has found that the average amount owed by those retiring with debt is £33,100.

It revealed that 55 per cent owed money on credit cards, while 52 per cent still have outstanding payments for their mortgage.

Vince Smith-Hughes of Prudential said: "Total consumer debt in the UK has more than doubled since 2000 and a large number of people planning to retire this year are now faced with spending a significant part of their retirement income meeting these debt repayments.

"While we'd all like to be debt-free at retirement, clearly this isn't possible for everyone."

The areas where retirees are worst affected by outstanding debt are Scotland and the north east of England, where 25 per cent and 23 per cent retire in debt respectively.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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