It seems that North Americans are not the only ones who were living the high life on Credit. According to the Wall Street Journal:
As the U.K. economy heads into a steep downturn, Britons, among the world’s most indebted consumers, are increasingly struggling to make ends meet. Personal insolvencies rose 8.8% to 27,087 in England and Wales in the third quarter from the second quarter. One in six U.K. consumers say they can’t handle their debts, according to a recent PricewaterhouseCoopers poll. Debt-counseling centers are seeing record call volumes.
One in six people in the United Kingdom will need to learn how to be more frugal.