Over a third of pensioners in the UK who chose to free up equity in their homes during the third quarter of this year did so to use the money to pay off debts such as credit cards. Therefore, does this reveal that pensioners in the UK know little about their options when it comes to clearing debts or would they have chosen to take sell their property this way anyway?

While this may be one way for those in debt to clear their debts, there are other ways. For instance, you could go with a debt management company and look into taking debt management plans. This means that you would work with a debt management specialist who contacts those you owe money to and arranges for you to repay your debt over a certain period. If your creditors agree, you pay one monthly sum of money, which your manager then spreads out, between your creditors.

This of course is just one solution to a debts problem, and you may want to consider an IVA or a consolidation loan depending on the amount you owe and the amount of creditors you have. You can contact a debt management specialist online and take help and advice on the best way to clear your debt