LOS ANGELES: Pensioners are in danger of “drowning in a sea of debt” as they borrow in a bid to make ends meet, warn finance experts.
Elderly people are facing financial difficulty as their savings have been whittled away.
Outstanding overdrafts have doubled in size and money is so tight for some that six per cent would consider a high-interest payday loan or door-step lender.
Two in five pensioners admit using a credit card to pay everyday bills in 2014.
Five per cent had an outstanding overdraft in December.
Pensioners are struggling to cope with the cost of living and the Government doesn’t seem to be that interested…