Despite recent attempts to get rates lower, it appears as though secured loan rates UK is on the rise. Currently, the rates are 4.5% higher and it doesn’t appear as though the upward trend is going to stop anytime soon. In fact, a new study found that Britons have to work at least 70 days each year just to pay down the interest on their secured loan rates UK. This has prompted the financial advice company Unbiased to hold a special Debt Freedom Day to educate the public on how to best pay down their loans and become debt free.
David Elms, chief executive of Unbiased.co.uk, said: “This year’s Debt Freedom Day is a real warning for UK consumers – as it marks the day we start paying off the actual debt levels rather than merely servicing the interest accrued. While Debt Freedom Day is of course a hypothetical point in the financial calendar, people should pay attention to it. In the current economic client is has never been more important for people to realise just how much it costs to service their debts and to ensure they have adequate funds available to do so.”
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