One in six Brits can no longer afford to repay their debt, as new research shows how household borrowing has soared to £1.5 trillion.

The study, by PricewaterhouseCoopers (PwC), also reveals that over a quarter (27%) of UK debtors doubt their ability to meet their debt repayments in the future, which is a big worry due to the rise in cost of living and with potential Christmas debt just around the corner.

However, the survey also revealed that many of us are ignoring debt advice as we feel that we can ride out the current economic situation and put our debt management plans on the sideline.

Richard Thompson, head of consumer finance at PwC, comments: “The survey concludes that despite steps already taken by lenders to tighten their lending criteria, financial institutions may incur further defaults before things improve. And despite consumer concerns, total household borrowing in the UK has continued to increase.”