A leading debt charity has said that many older debtors are releasing equity from their homes to deal with problem debts. In the last year, clients of Consumer Credit Counselling Service’s (CCCS) equity release advice service unlocked an average of £29,983 of capital from their homes to help pay down debts and meet other costs.

Homeowners over 55 contacting CCCS for help last year owed an average of £29,772 on credit cards, personal loans and other unsecured debts. The charity says that increasing numbers of its older clients have released equity from their property as a way of clearing what they owe.

CCCS Equity Release manager Tom Moloney says:

“Many clients are rightly cautious when considering equity release, but with the right advice and guidance this is an attractive solution for some - especially for those who wish to resolve their

Read more on this story:CCR Magazine - Debt problems driving growth in equity release