Consumers work 45 days to repay debt interest in 2011

Monday, 14 February 2011 11:54

UK consumers will spend the first 45 days of 2011 working to earn the funds to pay off the interest on their debts.

This is according to a new survey by unbiased.co.uk, which calculates that after the first 45 days of this year, the average consumer will have earned enough to take care of their debt interest.

Highlighting that this means the debt itself will remain untouched, the professional advice site notes that credit card debt has reached £58 billion.

Meanwhile, personal loans currently account for £120 billion worth of debt in the UK.

The website has named February 15th as Debt Freedom Day, representing the time when people will have paid off the interest on their debts.

"Debt Freedom Day is not only to remind consumers of how much of their hard-earned cash they shell out just to pay off the interest alone but to highlight the need to take action now and seek advice," comments chief executive of unbiased.co.uk Karen Barrett.

Recently, consumer watchdog Which? announced it will be launching a 'super-complaint' to battle card surcharges incurred by consumers when making purchases with plastic.

Use the Myfinances.co.uk comparison tools to find a better deal on personal loans and credit cards 

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