BRITONS have spent the first 50 days of the year earning enough to just pay off the interest on their debts.

Credit card debt has risen by £4 billion to more than £54 billion in the past year, according to research from Unbiased.com. So far, we have not even started to make a dent in the debt itself.

Debt Freedom Day landed on February 20, but there is still a huge amount of work to be done before we are clear of the debts completely.

Karen Barrett, chief executive of Unbiased.co.uk, said "It may come as a shock that Debt Freedom Day actually only marks the day when we have paid of the interest on our debts, rather than the actual debt itself! Debts can quickly mount up to a considerable sum and this date demonstrates that debt is something that we need to take control of and actively manage.

"Tackling your debt 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. Seeking independent financial advice will make sure you are making the right choices on your finances. An IFA can help you to make your money work as hard as possible and that you balance your finances to repay back any debt as quickly as possible."

You can calculate your own personal debt freedom day with our useful calculator, and we can also help you find an adviser close to you so you can sort your finances out this year.

Alison Steed