Millions of British consumers are spending beyond their means in order to maintain a lifestyle they feel they ought to enjoy, according to a recent report.

A study carried out by Moneysupermarket.com has suggested that as many a s 15 million Britons are using borrowed money to fund what might be considered a middle class way of living.

Unsecured loans taken out for these reasons are believed to be worth close to £35 billion and could be causing thousands of families to experience serious debt problems and financial constraints.

For many people, their earning power does not match up to their expenditure and as a result debt management issues are becoming increasingly prevalent as the credit crunch unfolds.

"Consumers need to take immediate stock of their household budgets to identify the pressure points and seek money saving opportunities," said Richard Mason, managing director of insurance and home services at Moneysupermarket.com.

A report from the TDX Group recently suggested that the number of people entering individual voluntary arrangements in the UK is set to increase dramatically over the course of 2008.