Drowning in debt...elderly surviving on overdrafts or credit cards as prices soar

MILLIONS of pensioners are drowning in debt as they struggle to stay afloat in the cost-of-living crisis, a shocking report has warned.

- Sarah O'Grady

Faced with soaring prices, many are borrowing more and turning to overdrafts and credit cards to pay their bills.

As many as 3.4 million people aged 50 to 69 and 670,000 over-70s have borrowed more money or used more credit in the past month compared with a year ago.

And 1.3 million over-50s had a bounced direct debit or standing order or a bill they were not able to pay in that time, according to a hard-hitting report from Age UK.

The charity warns that life is likely to get harder for the elderly in the winter, particularly those on fixed incomes.

High energy bills have depleted older people's savings and left many struggling, it said.

Caroline Abrahams, charity director at Age UK, said: "The energy bill crisis is far from over. We're not hearing as much about it at the moment because far less energy is used through the summer.

"But the fact is that some older people are still struggling to pay their energy bills from last winter and many more don't know how they will cope in a few months, when the temperatures fall once again.

"Millions of older people whose careful budgeting has been overwhelmed by soaring energy bills desperately need the certainty of a discounted energy deal to help them through the coming winter.

"A Government-funded energy social tariff available to everyone in or at risk of fuel poverty would make a huge difference to their ability to make ends meet, and to their peace of mind.

"It is crystal clear that we need a permanent solution to the energy bills crisis one that provides older people with the reassurance that they will never face that terrible heat or eat' dilemma again.

"If the Government does not provide urgent financial support to help those most in need, we have no doubt that many older people will face unacceptable levels of hardship again this winter.