Debt problems: paying interest not debt
16/02/2011Debt problems don’t seem to be letting up in 2011, after new research suggests consumers owing money will spend the first 45 days of 2011 earning just enough to pay off the interest on their debts.
Professional advice website unbiased.co.uk has found that as of this week, consumers have only earned enough simply to cover the interest that's been built up on what they owe.
Creating a remedy to their debt problems therefore, has not even begun, as so many consumers are yet to start re-paying the actual debt itself.
But according to unbiased, Tuesday this week marked this year's Debt Freedom Day.
The organisation says this is the day when the largest proportion of borrowers will be free of the interest imposed upon their debts.
Karen Barrett, Chief Executive of unbiased.co.uk says: "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."
Debt Expert Kevin Still says: "Just meeting minimum contractual payments on credit card debts means that it can take decades for UK consumers to clear their debts. For those indebted households that can’t meet even minimum payments then seeking debt advice from a professional debt solution provider with an excellent record of getting interest & charges frozen on agreed repayment arrangements can be a viable option." 
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