In recent years, financial analysts and organisations have increasingly led calls for a curb on the amount of borrowing people in Britain undertake, whether through loans, credit cards or other means.
The average Briton is said to be under greater financial strains than their counterparts in Europe, and as a result is likely to face a "lifetime of debt", according to the charity Citizens Advice.
There are many reasons put forward for this spiralling British debt.
Financial provider, Zopa blames rising British loan debt on rules which prevent British consumers from paying back personal loans early without incurring early repayment charges.
Zopa claim that almost a third of British consumers who do not pay their loans early would do so, if they did not face these charges.
Zopa has, as a result, been urging the government to relax these rules so that the average Briton can repay their personal loan debts earlier.
The financial group is also said to have written letters to Chancellor Gordon Brown and secretary of state for trade and industry Alistair Darling, in order to heighten awareness of this problem and help tackle debt generated by loans.
Zopa also claim that many loan providers have prevented customers from repaying their debt earlier by offering cashback products and incentives for consumers who defer repayment of their loan.
James Alexander from Zopa said: "Early repayment penalties are a classic example of self-serving sharp practice by the financial services industry, designed to protect and increase profits at the expense of encouraging customers to do the right thing with their money.
" Others blame rising household expenses for spiralling consumer debt levels.
Earlier this year, the Consumer Credit Counselling Service (CCCS) warned that rising energy bills and council tax was forcing increasing numbers of Britons into debt.
The CCCS claimed that its average client now spent £32 a month more on council tax and utility bills than in 2003.
As wholesale gas price increases are manifested in rising charges from energy companies, the result can only mean that higher numbers of people are taking out loans to help pay all their expenses.
Malcolm Hurlston, chairman of the CCCS, said: "For those on the brink of debt problems, any substantial increase in utility bills or council tax can have dire consequences and push them over the edge.
Utility companies should consider freezing price increases for people who are on debt management plans.
" In June 2006, the CCCS warned that levels of extreme debt in Britain were rising, and that the number of people owing more than £100, 000 had almost doubled in the space of a year.
Before making the decision to take out a loan, it is often recommended to consult a consumer comparison site, which will help you understand which loans offer you the best deals and which are best to steer clear of.