Over 55s owe an average of £24k

OVER 55s in Doncaster contacting a debt charity for help owed an average of more than £24,000 each, figures reveal.

The Consumer Credit Counselling Service said the debts had been run up on credit cards, loans and other unsecured debts.

The charity says the situation may lead to increasing numbers of retired homeowners using part of the value of their properties as a means of repaying what they owe – a process known as equity release.

Several hundred people from Doncaster contacted CCCS for free debt advice in 2010, owing an average of £24,004 each in unsecured debt.

CCCS equity release manager Tom Moloney said: “Equity release can be a good solution for some retirees looking to deal with problem debts, but it should only be considered as part of a long- term retirement plan.

“I would urge anyone in the Doncaster area who is in this situation to seek free advice from a debt charity.

For more information and advice on dealing with debt contact CCCS on 0845 074 2987.