Its latest statistics reveal that every day Brits struggle to pay back £166m of interest on personal debts.

On top of that, every 17 minutes and 7 seconds a property is repossessed, while every 5 minutes and 12 seconds someone is declared bankrupt or insolvent.

Michelle Highman, chief executive of Credit Action said: “These shocking figures demonstrate how important money management really is.

“But we need to start young. We believe that financial education is key to arming oneself with the skills, knowledge, attitudes and behaviours to stay on top of money throughout life. We’ve reached over 50,000 young people so far in this way.”

Other statistics include:

1. £54,017 was the average household debt (including mortgages)

2. £5,998 was the average household debt (excluding mortgages)

3. £1.373 billion was the daily value of all plastic card purchases

5. 1,454 people were made redundant every day between November 2012 and January 2013

6. 887,000 people have been unemployed for over a year

7. It cost £69.95 to fill a 50 litre tank with unleaded petrol in March

8. The Government borrowed an estimated £1,157 every second during February.

Follow our top tips and guides on how to get yourself out of debt as soon as possible: 

Coping with debt: the DOS and DON’TS

How to clear your utility bill debt

Spring clean your finances: the ultimate guide