Save Money When In Debt With Chrome Plating
Cutting down on spending when in debt can be really difficult, but one way to reduce your expenditure is to use chrome plating services to give your jewellery and watches a new lease of life, instead of buying new ones.
According to research from Saga, six million people over the age of 50 need to repay £12,218 over the next two and a half years. This amounts to 29 per cent having to pay off debts that are in addition to their mortgage fees.
“Our research has found that a significant minority of people are struggling,” said Joanna Fowler, head of equity release at Saga Personal Finance.
However, she stated: “If you can afford the repayments, borrowing in retirement can be a useful way to fund your dreams.”
While most over-50s borrow to buy something they cannot otherwise afford, 21 per cent do so to pay the bills, while ten per cent have to go to a lender because they have lost their job.
As many as one in ten people over the age of 50 believe they will never be able to pay off their debts and 29 per cent claim to be struggling to make repayments.
The majority of people in this age group are disappointed to still have financial struggles at this age, with 60 per cent saying they did not expect to have to borrow in their 50s and beyond.
One way people could earn money is by looking through their junk, after TopCashback.co.uk revealed that Brits could be hoarding £14,978 worth of old possessions without even realising it. These include jewellery, toys, stamps, watches and collectables.