Equity release ‘not the only debt management solution’
Equity release is not the only debt management solution for the elderly, it has been claimed.
A spokesperson for Saga Personal Finance suggests a range of alternative ways of tackling personal debt without releasing equity from a property.
Director of marketing Clare Cracknell urges consumers to consider all of their options before coming to a decision.
“It may be that someone is not claiming their full benefits entitlement,” she explains.
“Moving to a smaller property is certainly an option to consider as is a review of any existing savings or investments to ensure they are working as hard as they could be.”
Ms Cracknell proposes that consumers should consult an adviser in order to ensure they are aware of the potential debt relief solutions available to them.
She adds that effective advice should incorporate “a thorough understanding of financial circumstances and lifestyle aspirations”.
By taking these elements into account, an effective debt management solution could be achieved.
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