Will Britons turn to equity release schemes to ease their debt worries?

The average UK household is now more than £8,000 in debt excluding mortgages, according to a new study.

This could encourage a number of people aged over 55 years to seek equity release advice in order to see how the value of their home could help ease their debt burden.

Figures published by Credit Action have shown that before mortgages are taken into account, the average UK home is now £8,556 in debt.

According to the organisation, the total amount of personal debt in the UK now stands at £1,452 billion – meaning the 12-month growth rate has increased from 0.1 to 0.8 per cent.

Credit Action said that the debt amount is now more than what the whole country produces in one year.

Homeowners aged over 55 years who are concerned about their current debt levels can find out how the value of their property could offer them a tax-free cash lump sum by using the equity release calculator provided by Key Retirement Solutions.

Source: keyrs.co.uk