50 days pay used on interest, says unbiased.co.uk
www.moneynews.co.uk > Debt > 50 days pay used on interest, says unbiased.co.uk
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Money News |
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50 days pay used on interest, says unbiased.co.uk
Mon 22nd Feb 2010
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It is estimated that nationally the first six weeks earnings are used to pay the interest on personal loans and credit cards, without making any repayments off the actual debt itself.
Credit card debt has increased by over £4 billion in 2009, with the figure now standing at £53 billion.
Karen Barrett, chief executive of unbiased.co.uk: "With interest rates at an all time low, now is a better time than ever to take action."
She recommends seeking independent financial help and claimed an IFA can help to balance debts to make sure that money can be paid back as soon as possible.
The website recently considered if 2010 was to be the year the property market began to pick up again, as 18 per cent of consumers think that house prices have reached their lowest point.
Click here for more debt news
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