Debt Freedom Day marks start of debt repayment

This weekend marked this year's Debt Freedom Day (20 February), which has come earlier than last year according to new research.

Debt Freedom Day – the first day that the average Brit has earned enough salary to pay off the interest on debts – is over a month ahead of last year's date (March 25th) according to Unbiased.co.uk.

But the financial website has revealed that interest levels could be rocketing. It's claimed that UK credit card debt has increased by more than £4 billion last year.

Unbiased.co.uk chief executive Karen Barrett says debts can "quickly mount up... and this date demonstrates that debt is something that we need to take control of and actively manage."

But tackling debt is something we can do – she says it "doesn't have to be a daunting task and you don't have to do it on your own. With interest rates at an all time low, now is a better time than ever to action."

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