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.

Credit Crunch

The latest news on the credit crunch.

March 25 has been dubbed Debt Freedom Day by the firm that commissioned the research, Unbiased.co.uk.

Chief executive David Elms said: "It takes a date like Debt Freedom Day to bring home just how much we are spending as a nation on debt.

"Hopefully it will spur people into action to do something about their borrowing."

:: The research was based on analysis of figures from the Bank of England and the British Bankers' Association.