Personal debt in the UK has increased by 0.9 per cent in the last 12 moths and now stands at £1,460 billion, according to a new report.
This could inspire a number of homeowners aged over 55 years to consider using some of the cash tied up in their property to ease their debt worries by taking out an equity release plan.
According to a recently-published study by Credit Action, individuals living in the UK actually owe more money than the whole country produces in a single year.
The figures show that the average amount owed by Britons, not including mortgages, now stands at £8,716.
However, when mortgages are included, this figure rises to £30,000, 126 per cent of the UK’s average earnings, according to Credit Action.
Homeowners aged over 55 years who are curious about how a tax-free cash lump sum obtained from the value of their property could help ease their debt worries can find out by using the equity release calculator provided by Key Retirement Solutions.
Posted by Tom Papworth
