The average borrower starts worrying once his or her debts exceed £15,837, according to Scottish Provident's Financial Safety Net report. The "debt threshold" for younger consumers is even higher at £16,646, while for over-55s it is £14,424.
In some parts of the country the debt pain threshold is more than £17,000. Those living in the West Midlands have the highest tolerance of debt, considering themselves to be in financial difficulty only when they owe £17,118, compared with just £13,459 in Yorkshire and Humberside, the report found.
"However, it is clear that the nation as a whole is worryingly immune to the financial reality of being so heavily in debt," Scottish Provident said.
Susan Barclay, the company's head of marketing, added: "With the UK's national [government] debt figure dominating the headlines, it appears this could have had an adverse affect on how the nation view their own personal finances.
"To not believe they would be in serious financial difficulty before they reached debt levels of almost £16,000 is a worry, and it underlines how debt has become too readily accepted in the UK. What starts out as a small level of personal debt can quickly spiral out of control, so Britons should ensure they keep on top of their personal spending."
Scottish Provident's Financial Safety Net report – consumer survey carried out by Opinium Research. Interviews carried out among 2,044 online interviews August 26-30 2010.
