Almost a third of the pensioners who released equity from their home did so to pay off debts of around £25,000 on average according to new research by Key Retirement Solutions.

The research also found that 31% of all the people who had unlocked equity from their home during the first 3 months of 2011 did it in order to help pay debts.

In some instance Key Retirement Solutions also found pensioners who were owing £90,000 in debt just for credit cards.