Today is Debt Freedom Day says IFAP

According to analysis presented by IFAP and conducted by RAKM, the average earner would have to work a full 40 days just to clear £2,400 interest on their credit and loan debt, so today has been dubbed ‘Debt Freedom Day’ as Thursday 10th Feb is the 41st day of the year. Although the level of personal unsecured debt has risen from £38bn in 2000 to £63bn in 2005, the amount we are repaying is slightly less, suggests David Elms, chief executive of IFAP, as DFD would have fallen on February 15th last year. "Although Debt Freedom Day is a hypothetical date it illustrates the very real poin...