Get Saving! Debt Freedom Day
FOR IMMEDIATE RELEASE Thursday 10th February 2005THURSDAY 10th FEBRUARY IS DEBT FREEDOM DAY
40 days pay just to clear the interest on our credit card and loan debt
Credit card and loan debt has risen by two thirds (25bn) since 2000
Last years Debt Freedom Day fell five days later - 15th February
It would take an average earner 40 days just to pay off the 2,400 interest on the average level of credit card and loan debt, independent analysis of official figures today reveals*. Thus Thursday 10th February (the 41st day of 2005) has been dubbed Debt Freedom Day by IFA Promotion, the organisation promoting the benefits of independent financial advice. More people than ever will be welcoming Debt Freedom Day as the number of credit card and personal loan debts has risen by 13% from 8.7million last year to 9.5million this year.
IFA Promotion has calculated Debt Freedom Day for the second year running to highlight the huge escalation in the
David Elms of IFA Promotion commented, Although Debt Freedom Day is a hypothetical date it illustrates the very real point that, as a nation, we need to take control of our finances. The simple answer to reducing debt is careful budgeting, looking at our income and outgoings, and how were managing them. An independent financial adviser can help you focus on your finances by talking through the options that best suit your individual needs.
To help consumers take control of their spending habits, reduce their debt burden and convert some of their outgoings to savings for the future, IFA Promotion has produced a free guide, Join the Savings Revolution, which looks at how to start budgeting. More
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* Research and analysis conducted by independent agency, RAKM, on behalf of IFA Promotion. Data sources are ONS (average earnings), Bank of England (unsecured debt levels), industry data and consumer research (number of loans and credit cards held). With detailed queries on this analysis call Paul Hersey on 01737 216 940.
For further information please contact:
Chief Executive Lansons Communications
IFA Promotion 020 7294 3677 / 020 7294 3681
020 7833 3131
For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotions Media Services hotline on 020 7294 3682 or search online in Media Services at www.unbiased.co.uk
1. Independent Financial Adviser Promotion
IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents over 10,000 firms of independent financial advisers across the
IFA Promotion believes Independent financial advice should be:
Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
Convenient. IFAs should be available in the location of the consumers choice, wherever they live in the
Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial
Abbey | National Savings & Investments |
AXA Life | New Star Investment Funds |
BUPA Health Services | Old Mutual Asset Managers ( |
Canada Life Ltd | Prudential |
The Childrens Mutual | Scottish Equitable Plc |
Clerical Medical Investment | |
DWS Investments Ltd | |
Friends Provident | |
GE Life | Selestia Investments Ltd |
GMAC Residential Funding | Skandia UK Group |
INVESCO Fund Managers Ltd | Southern Pacific Mortgage Limited |
Legal & General | Standard Life Assurance Company |
London Mortgage Company | |
Mortgage Express |