Research from equity release specialists Key Retirement Solutions indicates that one in five pensioners releasing equity from their home has credit card debt, averaging £9,000, the Telegraph reports.

The average credit card holder between the ages of 65 and 69 who unlocked money from their home during 2009 had credit card debts totalling £8,881. This figure rose to £9,048 among those over the age of 70.

Dean Mirfin, Business Development Director at Key Retirement Solutions commented: “Many [over-65s] are perfectly comfortable with owing money on their credit cards and it can be a sensible way of planning for major purchases.

“However, the over-65s are more at risk as once they retire they may no longer have the income to service the debt and in many cases to ever clear their credit card balance.”

An IVA expert for the IVA Forum added: “Carrying debt after retirement can be dangerous, particularly if the borrower doesn’t have much spare income to make sure they can service that debt.

“We would advise anyone in this situation to contact a professional debt adviser and discuss their circumstances.”