UK Debt Freedom Day Celebrated on February, 15th

A recent research carried out by Unbiased revealed that it takes Brits 45 days of the year to repay the interest on their debts. The actual debt is not being paid off during these 1,5 months.

February 15th is traditionally considered the Debt Freedom Day as it is the 45th day of the year.

Other findings of Unbiased research showed that the overall amount of personal loans taken out by Brits in 2010 reached £120 billion, whereas credit card debt totaled to £58 billion.

Commenting on the findings, Ms. Laren Barret of Unbiased said that "people should instead pro-actively manage their finances... 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."

She also highlighted that the Debt Freedom Day is celebrated on a national basis not only to highlight how much money is being spent on interest but also to remind Brits to take action as soon as possible.