The study by AXA found that ten households were able to cut their personal debt by £1,215 on average in just three months by adhering to the financial advice they were given.

And if this was applied to every British households, then personal debt would be cut by a collective £29.7 billion, AXA calculated.

However, research indicates that apathy concerning loan and credit card debt is the reason why the amount being owed by Britons is not reducing.

Many feel that it is acceptable to have debt these days because so many people are owing, as the number of cheap loan and credit card packages is increasing.

Four out of five Britons said that it is more acceptable today to be in debt than it was 20 years ago, AXA discovered.

Most are comfortable with borrowing up to £6,370, which is about 28 per cent of the average national salary.

Some said they would be quite willing to borrow up to £50,000 on loans and credit cards.

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