Britain’s personal debt crisis is "escalating" and debtors should take quick action to avoid becoming a casualty, a student publication has warned.

Nouse, the newspaper of the University of York, quoted figures from the charity Credit Action which reports that the country’s personal debt level rises by £1 million ever four minutes.

"Alarmingly, the UK is now responsible for a third of all unsecured debt in Western Europe," warned Nouse.

The newspaper called upon struggling borrowers to use their self-control to bring their debt under control.

One possible route out of debt is an individual voluntary arrangement (IVA), where the borrower agrees an affordable monthly repayment level for a certain period of time after which their debts will be written off.

The government suggests IVAs can be useful if the debtor cannot agree an informal arrangement with their creditors.

However, unlike IVAs, informal arrangements are not legally binding so there is a risk the creditor will discard it at a later date.