Elder Intro Lifestage Considerations 04 Borrowing

This is the stage of life when borrowing can seem quite attractive but can have hidden repercussions. When income is reduced, it can be tempting to borrow to try and maintain the lifestyle which you've already built up. It's probably better to try and reduce that lifestyle, however for reasons mentioned previously that might not be as simple as it seems.

This is the stage of life where you will see offers like equity release mortgages appearing through your letterbox or your inbox. These would allow you effectively a lifetime loan for the remainder of your life, however they can come with high interest attached. Every day borrowing will be encouraged in the form of buy now pay later, pay multiple installments type schemes. Again probably need to be approached with caution and with a wise head on your shoulders.

The consideration with borrowing is always how and when it will be repaid and what happens if your ability to repay is impaired? What are the consequences? One body which is worth looking at here is credit unions because of the principle that debt dies with death. This is something which will be explored in subsequent sections.