Pensioners using equity release to pay off credit card debts
Pensioners using equity release to pay off credit card debts
- Tuesday, 13 October 2009More than a third of UK pensioners that released equity from their homes during the third quarter used the money to pay off
credit card debts and loans.
That is according to figures from Key Retirement Solutions, which found that 36 per cent of all third quarter equity release scheme adoptees used the money for debt repayments.
The group suggested that the equity release market continued to display signs of sustained recovery, with the number of adopted plans rising 19 per cent and the overall value of unlocked equity increasing 13 per cent to £214 million.
Group director Dean Mirfin said: "The continued growth in the number and value of plans throughout 2009 is very encouraging."
It was recently suggested by ABTA - The Travel Association that more pensioners were able to afford cruise holidays as a result of home equity.
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