According to the latest findings by Unbiased.co.uk, the average Briton must work for 70 days a year to pay for all the interest accrued on their loans and credit cards.

March 10th has now been given the dubious honour of being ‘Debt Freedom Day’ and marks the first day where the average Brit’s pay packet no longer goes towards their interest. The figures are a stark contrast to 2007 when ‘Debt Freedom Day’ was over a month sooner on February 1st.

The biggest factors to the date being pushed back are the increase in personal debt levels, and the 6% rise in the interest paid on personal loans over the last year. Over the same period, the interest rate on personal loans have risen by 0.5% meaning borrowers collectively have an interest bill of nearly £1.5 billion. The amount owed on personal loans is up to £9.8 billion this year, whilst credit card debt has fallen slightly to £54.9 billion.

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