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Debt management still a pressing issue for many consumers

Debt management still a pressing issue for many consumers

- Monday, 22 February 2010

People are still struggling to get out of debt after spending the first 50 days of 2010 merely paying off the interest.

New research from professional advice website unbiased.co.uk reveals that February 20th was Debt Freedom Day, meaning people have spent the first 50 days of 2010 just earning enough money to clear the interest on personal loans and credit card debts.

The actual debt itself is still outstanding, according to the study, which also revealed that credit card debt has increased by over £4 billion in 2009 to surpass £54 billion.

Chief executive of unbiased.co.uk Karen Barrett said Debt Freedom Day demonstrates that debt needs to be taken control of and actively managed.

"Tackling your debt doesn't have to be a daunting task and you don't have to do it on your own," she said.

"With interest rates at an all time low, now is a better time than ever to action."

New research from moneybasics.co.uk reveals that financial worries are a burden for 12 per cent of Britons, with the figure rising to 17 per cent among those aged 35 to 44. ADNFCR-2300-ID-19627831-ADNFCR
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