Source

Strong appetite for debt money
Estimates of the total personal debt in Uk suggest it is £1, 237 billion. The debt is growing by £1m every four minutes.

Quote: “One person is falling victim to insolvency every minute, and in the last four years the average age of a bankrupt has dropped from 43 to 41″.

It is not all credit cards, a lot is probably mortgage and that makes a bit more sense than blowing the money on the latest this and that.

Debt money used for personal consumption is sort of an anti-investment.

Gloom and doom not for the lenders
While it is gloom and doom for the people that are taking up the loans it is good times for the lenders. Also the range of companies that try to get people out of the debt mess is also having good times. It is kind of a weird industry one side is getting people into debt, the other side is trying to help people out of the debt, and of course these are companies so they make money off the poor person in debt.