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Could Equity Release Reduce Debt Worries
18/08/2010
A new report says personal debt in the UK has increased by 0.9 per cent in the last 12 months and now stands at £1,460 billion.
This might encourage some homeowners to consider releasing money from their property through equity release to help with their debts.
The study by Credit Action suggests 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, excluding mortgages, now stands at £8,716. When mortgages are included, this figure rises to £30,000, which is126 % of the UK’s average earnings.
Homeowners aged over 55 years who would like to know how much money the value of their property could release to help them with their debts, can find out by contacting therightequityrelease.co.uk for equity release advice.
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