For the first time, Britons' personal debt exceeds Britain's GDP

[Middle finga]

Another worrying milestone on a nation's journey deeper into debt

By Martin Hickman, Consumer Affairs Correspondent
Published: 24 August 2007

Britons have racked up so much debt on loans and credit cards that the total borrowed now exceeds the entire value of the economy, new research shows today. The financial consultant Grant Thornton is forecasting that gross domestic product (GDP) will hit £1.33 trillion this year, less than the £1.35trn which was outstanding on mortgages, credit cards and personal loans in June.

The symbolic overtaking is the first time that the country's 60 million people owe more to the banks than the value of everything made by every office and factory in the country. It prompted a warning that personal borrowing was so out of control that many more people would be pushed over the "financial edge". The runaway housing market is the biggest reason why consumer debt has spiralled, totalling £1.131trn. Debt on personal loans and credit cards totals £214bn. Overall, individuals owe the staggering sum of £1,344,721,000,000.
-snip-

Looks like Briton is determined to follow the US over the cliff. They better buckle up because it's going to be a long hard fall. I'm saving up now for my parachute.

http://money.independent.co.uk/personal_finance/loans_credit/article2891207.ece

[Deja Q]

1. Dang. The US shouldn't have gone askew either.

Still, most of it is in the housing market, which was made overinflated by too many coffee drinking salesmen. :(