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Debt freedom day
11 March 2008
Debt freedom day has come and gone and while for some it represents a day of jubilee, others are nursing an interest hangover from overspent credit cards and personal loans.
Unbiased.co.uk has calculated that it takes 70 days for Britain to clear its interest bill on credit cards and other loans and has issued a dire warning about the state of Britons household balance sheets.
David Elms, chief executive of Unbiased, says that debt freedom day represents the day when the period of interest payments stop and paying off the capital begins.
"This year's Debt Freedom Day is a real warning for UK consumers … Compared to last year we spend almost two months longer this year to pay off the interest of our borrowings and this doesn't event take into account mortgage costs," he said.
The late occasion of debt freedom day this year comes as Sainsbury's earlier this month warned of Britons lack of savings - with over one-third of UK budgeters saying they put nothing away in a savings account. 
