Let's look at how much debt we're in here in the UK. As of the end of June 2008....
Total personal debt: £1,444 bn
This is made up of
Mortgages: £1,212 bn
Unsecured loans: £232 bn
Average unsecured loan per-household
Only those in debt: £21,650
Average household debt in the UK is £58,000 (including mortgages).
Average owed by every UK adult is £30,424 (including mortgages).
Average outstanding mortgage for the 11.8m households who currently have mortgages now stands at £102,554.
In June alone borrowing grew by £4.0 bn; comprised of £3.1 bn in mortgages and £0.9bn unsecured loans.
And we're just talking personal debt here. The government has borrowed the same again.