Release equity as debt levels rise

Posted in Equity Release Video News

4th June 2010

The average UK household is nearly £9,000 (£8,761) in debt, so homeowners may want to consider entering an equity release scheme to help make ends meet.

New figures from debt charity Credit Action reveal that total personal debt in the country is close to £1.5tn (£1.46tn).

Over the last year, interest payments alone have totalled nearly £70bn (£67.9bn), which averages out at more than £2,500 (£2,695) for each household.

Aviva's Real Retirement Report pointed out recently that many over 55s have significant financial concerns, so obtaining a lifetime mortgage or home reversion plan could offer them peace of mind.

Whilst using equity release is better used for investments or buying things that you want, it still represents an option when it comes to paying off debts.

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