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One in eight Scots saddled with debts at retirement

AROUND one in eight Scots will retire this year saddled with debts, new research has claimed.

The average amount owed by those wrapping up their working life is around £38,200, with mortgages and credit cards making up the bulk of the debt.

The figure is £5000 higher than the year before, although the number of people left repaying credit beyond their working life has gone down slightly.