Lloyd TSB advised consumers to ensure they pay off store cards or high interest credit cards as quickly as possible to improve their financial situation, before adding that it may be handy for people to consolidate by using loans.
Ian Larkin, managing director of consumer banking for the firm, said the research was "a great wake up call for people who might have been neglecting their financial affairs".
He added: "There has never been a better time to get Britain financially fit."
Recent figures by Unbiased.co.uk revealed that the amount of personal loan debt in the UK is around four times higher than last year.
The study also found that people have to use around 70 days worth of their salary to clear interest payments on cards and loans.
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