Monday 14th of February 2011
People eager to sort out their debt troubles sooner rather than later may wish to start thinking about individual voluntary questions, as new research has suggested many UK adults will be paying back their arrears for a long time.
Unbiased.co.uk has found many Brits will spend the first 45 days of 2010 just paying off the interest on their debts.
It means a high number of consumers are yet to start repaying the debt itself.
The website noted Tuesday February 15th will mark Debt Freedom Day - when borrowers will no longer owe the interest compounded on their arrears.
Karen Barrett, chief executive at the portal, said: "With debt levels still remaining at extreme highs there is no better time for people to service their debt and get back in control of their finances."
Joanna Parsley, associate director of Credit Action, recently claimed the demand for debt advice among people in Britain remains high at present.
By Chris King
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- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Debt management plan may help as problems 'spiral out of control'
