Borrowing regarded as a normal part of lifestyle

Advertisers have convinced young adults that relying upon housing equity, and debt consolidation, are a normal part of peoples' lives.

Adults aged under-50 are more likely to use credit to obtain goods or services, rather than to save, and parents report a pressure to provide for their children's needs.

Anne Gunther, chief executive of the Standard Life bank, observes: "We are not only seeing people trying to 'keep up with the Joneses' but also aspiring to a lifestyle more akin to A-list celebrities.

"A seismic change in mindset is required to begin to unwind the chronic debt issues we face in the UK. Pinning your hopes on housing equity or thinking that insolvency is the easy way out of debt is financial suicide."

The national debt helpline counsels 4,500 people per month.

For homeowners concerned by the media announcements of rising utility bills, mortgage credit squeeze and increasing home insurance premiums this news may not come as a surprise.

December 03^rd 2007

• Tightening up on mortgage sellers
• Rid yourself of debt before saving too much
• Debts a quarter more in the last quarter
• Why going green could make bill-payers mean
• Heating costs leave Brits in one room
• The two-four-six of cheque usage
• For the latest money saving tip ask grandparents
• Ask the computer
• Parents downsizing to help children
• Bank of England rate stays unchanged
• Christmas may cause a bleak midwinter
• Protect your family with your life
• Families bailing each other out
• Brits to spend at Christmas
• Listed buildings 'can go green'
• Listed buildings 'can go green'