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Loan charges: Debtors 'work 'til Wednesday' to pay for what they owe

Consumers who are struggling to pay off loan charges may be amongst those who work until Wednesday just to pay off their debts.

According to debt charity the Consumer Credit Counselling Service (CCCS), the average person seeking help works until 4pm on Wednesday each week just to earn enough to repay their unsecured debts.

After working until this time, the remaining pay from their weeks wages has to cover basic living costs, including their mortgage.

Delroy Corinaldi, external affairs director at CCCS, says: "With rising prices continuing to push up the cost of living, household budgets are under increasing pressure - and these figures show how difficult it can be to escape from debt once it builds up.

"Our advice to anyone struggling to cope with their repayments is to seek free advice as early as possible."

The report found that the average person contacting the charity owed £22,476 on credit cards, personal loans, overdrafts and other kinds of unsecured debt.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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