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Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

Equity release ` feasible option for struggling pensioners`

29/09/2008

Equity release should be seen as a feasible option by pensioners struggling in the light of current economic conditions, an expert has said.

David Black, principal consultant of banking at Defaqto, made his comments in response to a guide issued by consumer watchdog Which? that advised consumers to see such a move as a last resort.

According to Which?`s report, equity release schemes can be expensive and inflexible and can leave people without enough money left to fund alternative accommodation if their circumstances change.

However, Mr Black stated: "In an age of financial shocks, inadequate pension provision, low annuity rates and burgeoning levels of personal debt it seems somewhat hasty to arbitrarily downgrade one of the possible solutions."

He went on to say that while equity release is not suitable for everyone, it is an "appropriate solution" for many consumers, adding that it should be considered alongside other options as a possible source of retirement income.

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