The law of the juggle for Brits

but are not currently in a position to do so.

Michael Johnson, director of financial services at the AA, told me: “Of those that are borrowing, 14million do not know how much interest they are paying in total.

“While low cost loans and balance transfers can be a good way of consolidating debt, many risk paying the price for missed payments.

“People need to be aware of the rules of the game, knowing how long introductory rates last and what might cause them to end early, for example missing a payment.

“Setting a calendar reminder for when your introductory rate ends can ensure that you don’t sleepwalk into paying extra interest, which can be an unwelcome addition to your monthly commitments.

“Playing the game of loans can be helpful for a short period, but the key is to be honest with yourself about when it’s time to stop. Replacing credit card balances with a single personal loan can be a good first step to ending the game and committing to regular repayments.”

If this story sounds familiar then it’s time to take action now.

Don’t leave things to fester until you hit your late 50s as it could get in the way of what’s important – remember, retirement should be about relaxing, not paying off debts.

Find help and advice on my site at debtbustingexpert.com.