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Credit card charges news: 1 in 5 'to retire in debt'

Workers - many of whom may have been hit with credit card charges in the past - are increasingly falling into greater debt.

A new study conducted by Prudential has indicated that one in five people will be in arrears when they retire in 2012.

The research showed that half of this number still owe money on their mortgages or credit cards.

Levels of debt are threatening to spiral out of control, as the average amount owed has grown by £5,000 in just 12 months, with each person having to pay back £33,100 when they eventually end their career.

Retirement income expert at Prudential Vince Smith-Hughes said that many people retire with outstanding debts due to a lack of financial planning.

"It is important therefore for those still at work to save as much as possible as early as possible and to consult a financial adviser to help them plan for a comfortable retirement," he commented.

A study published today (January 25th) by Aviva has shown that the average household debt in the UK has grown by 48 per cent in the past year.

Amir Hussain

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


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