As today is declared ‘debt freedom day’, it has been revealed that borrowers in the UK are collectively owing £88.5 billion on credit cards, loans, and secured loans against their homes in addition to mortgages.

It was further revealed that people may have to work an average of 83 days a year to be able to earn enough money to pay the interest on their debts.

However, today would have ordinarily have been the first day of the year when borrowers would earn money to cover all of the interest they’d be paying during the year.

This would, according to a financial advice site, have enabled them to begin repaying their debt.

The day comes more than two weeks later than it came last year as a result of additional debts amassed over the last one year, said a report.

People borrowing on credit cards amassed up tot £59.8 billion making credit cards debt the highest accumulated by borrowers in the UK.