British consumers spent the whole of January working off their debts on loans and credit cards, according to latest research.
Data from Unbiased.co.uk suggests that debt accrued over the festive season and before has “swallowed up” the entire January earnings for the average consumer.
David Elms, chief executive of Unbiased.co.uk, has hence stated that people should seek financial help so that they can re-direct the money going towards debts into savings.
He said: “An independent financial adviser (IFA) can help you sit down and assess your financial situation and help you identify where your monthly budgeting could be improved and help you embark on the path to saving.”
The data further stated that personal debt levels have been reduced by seven per cent over the last three years, with average levels interest on this coming down by 59 per cent.
In related news, reports from The Debt Counsellors suggest that consumer debt in the UK is rising at a rate of £1 million every four minutes.
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