In the midst of life we are in debt - most of us to the tune of £5,330.

Latest figures show Britain's consumer debt mountain at almost £1 trillion - the same as the total value of the economy.

So, with Christmas around the corner, the Bank of England governor Mervyn King has warned households to keep borrowing under control.

Otherwise rising interest rates - like the ghost of Scrooge - will leave even the most spendthrifty financially crippled.

It's sensible advice - and advice which is already being heeded according to a survey by the Switch debit card group.

It claims shoppers will spend an average of £16 less on presents - about £346 compared to £362 last year.

But the total spend by each person on foods, gifts, drink and cards will still average £868.

While urging caution, what Mr King did not spell out was when the bank will next push up the cost of borrowing or by how much.

Most experts now agree growth will be stronger than forecast next year and inflation marginally ahead of the Government's 2.5 per cent target.

For most of us, the bank's 0.25 per cent interest rate increase was a gentle warning - but a warning nevertheless.

Monday November 17, 2003