CCCS claims equity release can be an “attractive solution” to debt

Consumer Credit Counselling Service (CCCS) claims growing debt problems are behind the recent rise in equity release demand.

In the last year, customers of its equity release advice service unlocked £29,983 of capital from their homes on average to help pay debts and meet other costs.

Homeowners aged over 55 who contacted CCCS for help owed an average of £29,772 on credit cards, personal loans and other unsecured debts. The charity says that more and more clients are releasing equity from their properties 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 debt problems without moving home.”