Caravan Insurance

Many Britons may well feel entitled to treat themselves to a caravan holiday after having made significant inroads into their debts last month, according to new figures.

It is estimated that someone on the average UK wage of £23,556 a year would have to work for all of January just to pay off the typical interest of over £2,000 that they have on their credit cards and loans.

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That led unbiased.co.uk to proclaim February 1st as Debt Freedom Day and the good news is that with debt falling by seven per cent and interest owed by 59 per cent since 2003, this date has come several days earlier this time around than it did last year.

Chief executive David Elms commented: "Debt Freedom Day does fall slightly earlier this year, which is undoubtedly good news, as it means average levels of personal debt continue to fall year-on-year, but the real headline will come when official figures show people controlling their spending behaviour and increasing their saving power and this date becomes a non-entity."

Another recent report by the website suggests that this could be a long way off, as while Brits managed to save £36 billion collectively in 2006, they managed to accrue the equivalent of almost half this total in debt during that same period.

Those people who feel that after January's hard work they deserve an early caravan holiday could well continue this trend, with a recent report by Yorkshire Bank showing that one third of vacations booked early in 2007 were put on credit.

Breaking news provided by onequote direct - specialists in Static Caravan Insurance.

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