Pensioner insolvency rises fastest as baby boomers struggle to pay off debts - Telegraph
A record 15 people entered insolvency every hour in 2010, as the total number of people filing for bankruptcies, IVAs and Debt Relief Orders reached around 135,000 – up from 2009’s high of 134,132 – RSM Tenon said in a report on Friday.
Pensioners, although they made up less than 4pc of the total, now form the age group that is seeing the highest growth rate for insolvency, with a 14pc rise that RSM said could point to a worrying trend.
"This is the first generation of people who have been used to carrying debt," Mark Sands, RSM's head of bankruptcy and personal insolvency said.
"They’ll take out a new loan to pay off the old loan and to tidy up their credit card, and it just carries on."
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