The UK is gripped by a borrowing culture, with the vast majority of those in debt showing no concern about the amount of money they owe, according to market research firm Mintel.

Figures show that almost half of British adults or around 21 million consumers are currently in debt, owing money on a variety of credit and loan products.

While a quarter of borrowers have debts of less than £500, some 8 per cent of debtors currently owe between £10,001 and £20,000, and a further 5 per cent have borrowed more than £20,000.

But what is perhaps even more worrying is that as many as 70 per cent of those who owe as much as this are not concerned about their level of debt and some one in four might actually consider borrowing more.

Although a minority of just one in 20 borrowers are "very worried about the amount of debt that they currently hold", overall Mintel found the vast majority of consumers in debt appear to be remarkably relaxed about their current situation.

Paul Davies, Mintel: "While many people in debt may have the means to continue meeting their repayments, the high levels of debt and lack of worry does clearly represent a cause for concern."

Indeed, 85 per cent of debtors feel that their financial situation is well under control. What is more, a quarter of all debtors say that not only is their current level of borrowing under control but that they might borrow more at some point in the future.

"While many people in debt may have the means to continue meeting their repayments, the high levels of debt and lack of worry does clearly represent a cause for concern," said Paul Davies, senior finance analyst at Mintel.

"Although the research certainly shows that an impending debt crisis is not inevitable, a large minority of households are extremely vulnerable to any deterioration in the prevailing economic conditions.

"The increasingly widespread availability of credit has meant that many consumers have found that they no longer have to save up in order to finance major purchases, but instead can simply fund their current spending plans through a variety of credit arrangements. In certain situations, credit has effectively replaced the need to save up for purchases."

Credit cards are the most common form of borrowing with almost three in ten holding an outstanding balance on one of these products. Furthermore, some 6 per cent of adults also have an outstanding balance on a store card.

Davies added: "This high incidence of credit card and store card debt partly reflects the ease with which consumers can borrow through these accounts.

"These products have acted to blur the distinction between spending and borrowing and have helped to create a 'spend now, pay later' culture.

"The credit card industry's promotion of 0 per cent purchases and balance transfers for fixed time periods will also clearly have encouraged some consumers to borrow money via this route."