'Disproportionate' impact of recession could prompt rise in equity release uptake
07 June 2010
An increasing number of men may wish to consider equity release plans after hearing that statistics suggest they are less able to repay their debts.
Figures from the Consumer Credit Counselling Service (CCCS) showed that since 2007 there has been a 51 per cent rise in the number of calls made to the charity by men.
The debt advice organisation also revealed that almost half of men (48 per cent) believe their failure to meet debt repayments is due to reduced income.
Malcolm Hurlston, CCCS chairman, said: "Men have been hard hit by the recession and are emerging as the new underclass. Debt alone is no longer the problem; it is loss of income and other rising costs.
"This deterioration in the economic circumstances for men, still the main breadwinner in most homes, has serious implications for many households."
Equity release could be useful in such circumstances as it allows homeowners to unlock cash against the value of their properties, which they can use to support their incomes.