Britons have to work for an average of 83 days a year just to earn enough money to pay the interest on their debts, researchers claim.

Credit cards account for by far the biggest chunk of our debts

Last year, before the UK plunged into recession, it took two weeks less to reach that point.

Brits currently owe a total of £88.5bn through credit cards, loans and additional borrowing against their homes.

Credit card debt accounts for the bulk of that figure - £59.8bn.

During the past year, loan debt has risen by £1.6bn, while withdrawal of equity has jumped by £6.5bn.

However, credit card borrowing has fallen slightly, dropping by £4.9bn.

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Insurance giant Legal & General is to cut around 10% of its life and pensions workforce this year.

Legal & General has reported a £1.5bn annual loss

The move came after the company reported a £1.5bn annual loss.

L&G said the UK job cuts - out of a 6,500-strong division - would mirror similar levels last year, when it cut its headcount by 10%.

It said the figure included 450 job losses announced last month.

L&G is cutting costs as it battles against the recession and stock market turmoil, wh ... Read more »