New data from CreditSimple.co.nz has found that Kiwis over 55 have increasing debt. Bankruptcy rates is on the rise as over 55’s head into retirement with mortgages, personal loans and credit card debt.

Figures show over 55’s are increasingly likely to experience bankruptcy, making up 27.8% of bankruptcies, up from 20.6% in 2010.

• 28% of mortgages are held by those aged 55 years and older, leaving them 10 years to pay off an average mortgage of $321,000 by age 65. 

The ten regions with the most mortgage debt included:
•    Auckland
•    Christchurch
•    Wellington
•    Hamilton
•    Manukau
•    North Shore
•    Waitakere
•    Lower Hutt
•    Dunedin
•    Tauranga

Read the original source article here

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