COM­MENT

Daily Express - - News - RACHEL SPRINGALL From Money­facts

IT’S wor­ry­ing to see that re­tirees are liv­ing un­com­fort­ably with debt and some may feel it’s too late to change their cir­cum­stances to get on top of things.

There could also be con­sumers out there who find their pen­sion falls short of what they were ex­pect­ing, or that they are still pay­ing off their mort­gage, credit card or loan.

It may not be pos­si­ble for some­one to take on work to boost their in­come in this in­stance and sav­ings rates are un­likely to give any nest egg a de­cent boost.

It’s cheap to con­sol­i­date debts us­ing a credit card or loan right now, but this may not be the right choice for those who are look­ing for a more rad­i­cal fix.

Down­siz­ing may be an op­tion for home­own­ers, but they may wish to avoid the up­heaval of mov­ing home es­pe­cially if they are in poor health.

Those look­ing to take ad­van­tage of an eq­uity re­lease deal may do so to fund the cost of re­tire­ment as it un­locks wealth from their home. But th­ese plans should be con­sid­ered care­fully and in­de­pen­dent fi­nan­cial ad­vice would help prospec­tive bor­row­ers weigh up all the op­tions.

Those over the age of 55 who still owe money on their home may wish to look into a re­tire­ment in­ter­est-only mort­gage, where the debt would be re­paid on the sale of the prop­erty or when some­one goes into long-term care or dies.

There are sev­eral debt char­ity ad­vice lines peo­ple can call if they are in need of sup­port.

StepChange can be reached on freep­hone 0800 138 1111 or at StepChange.org.

Con­sumers can also visit our own site, Money­facts.co.uk, for the lat­est deals and ad­vice.

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