Debt stalks the elderly, eyeing up their homes
Published 16/01/2016 | 02:30
It's been said that every time you borrow money, you are robbing your future self. The bitter truth of that somewhat smug observation is quite literally coming home, with the emergence of a new class of debtors among the elderly.
Older people were tempted to avail of a range of products allowing them to take some of the cash value out of their houses, to be paid back later.
However, when compounded interest is added to the capital throughout the term of the loan, the total balloons.