As figures reveal that total UK personal debt at the end of February was £1,458 billion, Brits may want to reconsider their spending and debt management plans.

Research from money education charity Credit Action shows that total consumer credit lending to individuals at the end of February 2009.

Although this represents a slowdown of 3.4 per cent in the past 12 months, it also points out that the average interest paid by each UK household on their total debt is £3,000 a year.

Including mortgages, each British adult now owes some £30,470, including £4,840 of debt on credit cards, motor and retail finance deals, overdrafts and unsecured personal loans.

Every day, the interest paid on all debts across the UK is £199 million and one person is declared bankrupt or insolvent every 4.5 minutes.

Young Brits could be best-placed to manage their money effectively, as Natwest MoneySense for Schools suggests that children are already planning for their future and considering debt management.

They know that if they want to make a purchase they have to save for it, comments head of the initiative Maxine Norris.