Professional advice website Unbiased.co.uk has revealed figures showing that the first 83 days of working in 2009 have paid enough to cover the interest on Britain's debt interest, not even the debt itself.
The site has announced today (March 25th) as the UK's Debt Freedom Day, the day of the year when the nation has collectively worked enough to pay off its debt interest, in order to raise awareness of the levels of debt in the country.
Personal loan levels in the UK increased by £1.6 billion to £11.4 billion in the last year and equity release loans increased by £6.5 billion.
David Elms, chief executive of Unbiased.co.uk, said: "It takes a date like Debt Freedom Day to bring home just how long we are spending as a nation on debt and it will hopefully spur people into action to do something about their debts ."
Recent research by debt management company Kensington Financial Management Consultants showed that nearly a quarter of British people have got into debt because of shopping .
83 days of salary only pay for UK debt interest
Wed, 25 Mar 2009
Recommended links
Get free help to reduce your debtTypes of debt
Debt management
Seek advice and guidance
Credit card repayment calculator
Debt test
Tiscali Suspends Debt Repayments
Britons Putting Debt Repayments First
| news |
|---|
| Male underemployment may spark debt fears - Wed, 16 May 2012 |
| Debt concerns delaying family plans - Mon, 14 May 2012 |
| Recession adding to UK debt numbers - Wed, 09 May 2012 |
| More News |
