Home > News > Debt advice

Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease" Debt: lending to fall this year Debt consolidation - time to check Offset mortgages could give more protection against debt than ISAs Growth of debt slows down in March Fifth of Brits admit their debt worries them Mortgage approvals rise; unsecured debt falls

The cost of debt falls

22/02/2010

According to an article in the Telegraph, households have tightened their belts `as the time people spend paying off their debts drops by more than a month`.

20th February marked Debt Freedom Day 2010 - the day of the year the average Briton will have earned enough to pay off all the interest on their credit card and personal loan debts.

Debt Freedom Day 2010 comes over a month earlier than it did in 2009, when the average borrower reached 25th March before they had earned enough to clear the interest charged on their debts that year.

However, despite the fact that borrowers are making efforts to pay down their debts, credit card debt still increased by £4bn last year, according to statistics from financial website Unbiased.co.uk.

Chief Executive of Unbiased.co.uk, Karen Barrett, said: "It may come as a shock that Debt Freedom Day actually only marks the day when we have paid off the interest on our debts, rather than the actual debt itself.

"Debts can quickly mount up to a considerable sum and this date demonstrates that debt is something that we need to take control of and actively manage."

---

Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

Over 50s can`t afford to enjoy retirement because of debts 01/07/2010 - According to a study by Saga Equity Release, 17% of Budget: tackling the nation`s debt 22/06/2010 - Today, we can expect the details of the `toughest package Short-term debt: `no need for price control` 18/06/2010 - The Office of Fair Trading (OFT) has decided not to The cost of clearing debt 10/06/2010 - Figuring out the cost of clearing debt can be tricky,