Today is “debt freedom day” (according to independent financial adviser website Unbiased.co.uk).
This means that it has taken the average Brit up to this point in the calendar (70 days) to earn enough to simply service the interest payments on their personal loan and credit card debt. And that’s without reducing it.
What’s even more scary is that it’s 39 days later than last year when debt freedom day was 1 February (31 days). This is a quick and shocking reminder of how long it takes to start actually paying off debt.