According to Saga Equity Release, 17% of over-50s ‘have little money left over to enjoy their retirement’ once they have repaid their debts, while 41% of retirees find clearing their debts a difficult task.

The study has revealed that 13% of over-55s are retiring in debt, and many are turning to equity release to clear their debts and ‘alleviate financial worries’. 40% of this age group have already used equity release to repay their debts, while 31% use it to remortgage.

An IVA (Individual Voluntary Arrangement) expert for the IVA Forum commented: “We would advise anyone worrying about their debts to get some expert advice before their problems have the chance to get any worse.”