Britons ‘repay £66 billion’ in interest payments

Britons paid back a combined total of £66.3 billion in interest alone on their personal debts in the past year, a new survey has said.

Debt advice charity Credit Action revealed this figure along with the total level of consumer debt in the country, which it stated now stands at £1,458 billion.

The charity started that a typical UK adult owes an average of £30,460, which equates to 133 per cent of average earnings.

However, the increase in debt has slowed, with an extra 31 million being added every 108 minutes, compared to every 5.3 minutes in January 2008.

Those concerned with their debts may wish to change some of their products, such as credit cards, to lower interest payments.

Earlier this week, debt help website talkaboutdebt.co.uk warned that the stigma of debt is leading to many people failing to talk about it with anyone.

A survey by the portal found that 15 per cent of consumers kept their money problems secret.

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