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Debt Freedom Day
In the United Kingdom it takes roughly 70 days of salary to pay off one’s debt thus making March 10th Debt Freedom Day. But of course this considers that salary is only spent on reducing debt and not the cost of living! With interest rates going up, this year it’s taking people two months longer to pay off interest before they start actually paying off their debt. That being said, it’s no surprise that research suggests that Brits spend about 13 billion hours a year worrying about the money they owe.
Myfinances.co.uk covers the story.