Although lending conditions have grown more stringent as the credit crunch rumbles on, Britons are still resorting to loans and credit cards to see themselves through the financial storm.

Such is the claim of Fair Investment Company, which has noted that while total unsecured lending debt equalled 215 billion pounds by August 2007, this amount looks to have been exceeded by a considerable margin this year. Indeed, the company claimed that total debt owed on items such as credit cards, personal loans and car finance deals has increased 30 per cent during the course of the year, bringing individual average debt from 4,524 pounds to 5,886 pounds in August 2008.

For those who have been struggling to keep up with mounting payment commitments in difficult circumstances, taking out a debt consolidation loan may prove an effective way of getting back on track financially.

The firm alleged that if these findings were extrapolated to cover all unsecured lending data from last year, data would show a new sum of 279 billion pounds in total unsecured lending. Indeed, individual credit card debt was said to amount to 2,076 pounds, while typical personal loan debts equalled 3,810 pounds.

Further examination of the statistics showed that women are more prudent when it comes to limiting debt, with the average British female said to owe 5,404 pounds on credit cards and personal loans, compared to the 7,172 pounds owed by men. Such findings indicate that males are currently in 33 per cent more debt than their female counterparts.

Commenting on the findings, Fair Investment Company spokesperson Matt Edwards said: "As people contend with rising fuel and food costs, it is no surprise that they have to borrow more. However, the downside of this will be the interest rates that could soon eat into peoples pockets, as credit card and loan rates have risen considerably since the credit crunch began last year. A low level of personal debt for those over 50 suggests that the next generation of pensioners will be better placed than todays to deal with things like fuel poverty and recession."

However, he went on to report that many Brits may still be able to weather a potential recession as 70 per cent of people do not have personal loan debts, meaning they may find themselves with more spare cash as the financial storm-clouds gather.

For consumers who feel their finances have been put on shaky ground by their growing repayment burden, taking out a debt consolidation loan may provide a way to lessen monthly contributions and help to give a little more leeway in budgets as a result. For those who have found themselves in difficulty recently, it may be important to remember not to neglect their own finances as they fret about their childrens ability to manage their money. Anna Sofat, a money expert at Addidi Wealth, warned mums and dads last month that they need to make sure they are not brought down by the burden of children expecting them to bail them out of their own debt.

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