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Brits work 70 days `just to cover debt interest`

10/03/2008

The average UK consumer will have to work for 70 days this year just to pay off the interest accrued on their debts, new research has revealed.

As the amount of people looking for professional debt advice continues to increase, a study by Unbiased found that all the money earned during the first 70 working days of 2008 will go towards servicing debt.

A ten per cent increase in personal debt has meant that the number of days worked to pay off interest has increased from 44 to 70.

David Elms, chief executive of Unbiased, said: "In the current economic client is has never been more important for people to realise just how much it costs to service their debts and to ensure they have adequate funds available to do so."

According to Credit Action, at the end of January, the average UK consumer owed £4,748 in loans, overdrafts and credit card bills.

Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according British reliance on gas for energy growing 06/01/2009 - New figures suggest that Britain’s dependence on natural gas is Small business seek cap on credit cards 06/01/2009 - Credit card interest rates should be capped to help small