New tool calculates how old you’ll be when your debt is paid off… and the results will shock you
With over six million Brits believing they'll never be in the clear financially, comparethemarket.com have created a calculator to see how old you'll be when you finally pay off your debts
WITH debt levels at their highest in recent history, paying off everything we owe is but a seemingly distant dream for many of us.
And between increased student loans and a growing reliance on credit cards, it's a dream that over six million Brits believe will never actually come true.
The average person is now £8,000 in the red, even without including mortgage repayments, which amount to an average of £106,755, according to research from .
Almost a quarter of adults are struggling to make ends meet, with ten per cent having maxed out a credit card and a further ten per cent admitting to being overdrawn in the past year.
On average, Brits now say 57 is a realistic age for clearing debts, although half see themselves owing money until they are at least 60, and 12 per cent think they will never be in the clear financially.
"While it may be hard to see an end in sight, the worst thing people in debt can do right now is stick their head in the sand.
“As well as reining in spending, there are other ways you can reduce debt, like switching to credit cards that help you get on top of debt with interest-free periods.
"As well as choosing the right credit card, shopping around for the best deals on things like car and home insurance, energy, broadband and even your mobile phone tariffs will help ease spending and save you a considerable amount."