Interest repayments on UK personal debt stood at £173 per day in November, according to new figures that suggest many may not know enough about how to manage money.
Credit Action's figures for the month - based largely on data from the Bank of England - indicated this is how much people are paying, which when calculated over the year amounts to £63.1 billion, or £2,427 per household.
Such a burden is something that can put significant strains on individuals and families, although the actual level of consumer debt has fallen slightly in recent months to £208 billion in November, compared with £216 billion during the same month in 2010.
This adds up to £4,225 per adult and to this may be added mortgage debt, which for the 11.2 million households paying off a home loan is an average of £110,608.
These financial burdens may be ones that many have vowed to bring down in their new year resolutions, something that a prepaid credit card may help to do.
Consumers who in the past have piled up debt and interest by spending more on their card at the shops than they originally planned can enforce much more discipline with an online prepaid card, simply by ensuring the amount they load up to be able to spend each month is within affordable limits.
It means the holder can enjoy more control, instead of the carrot of temptation that a credit limit running into thousands constitutes being dangled in front of them.
Credit Action's figures show that every day, £1.243 billion worth of card transactions are made in the UK. But with more consumer control, this figure may be reduced and therefore lower the debt burden.
With less debt to pay off and not as much interest being piled up, consumers will find that by paying back the same amount as before, they can reduce what they owe that much faster and finish 2012 owing far less than now.
A study by the Debt Advice Trust recently indicated ten million Britons are struggling to cope with their debt levels. But with the control offered by a prepaid card, this may become much easier to get to grips with.
