We will have to work 83 days to simply pay off a years worth of interest on loans, mortgages and credit card debt.

Today, Wednesday March 25, has been dubbed ‘debt freedom day‘ as it is the first day of the year that we will have earned enough money to cover all of the interest occurred in 2009, and the remainder our income can actually go towards paying off debts. According to research by Unbiased.co.uk,as a country, we owe £88.5 billion worth of debt, of which credit card debt counts for £59.8 billion.

David Elms, chief executive of the website, comments: “It takes a date like Debt Freedom Day to bring home just how much we are spending as a nation on debt and it will hopefully spur people into action to do something about their debts.”