Consumers may finally be approaching the peak of the UK’s debt mountain, however analysts suggest that the repercussions of consumer debt are yet to be felt.

A recent study compiled by the UK’s premier banking authority has revealed that rising interest rates are curbing consumer borrowing, as demonstrated through a decline in the number of new credit card applications.

However, what would appear to be positive news on the surface is not a shared sentiment by some industry analysts. Experts suggest that even if consumer borrowing were to completely curtail, the after affects would still be felt for the next two decades at least. Of course, the fact that borrowers are starting to “cotton on” to debt patterns is certainly encouraging, but the severity of consumer debt has effectively passed the point of no return.

In spite of this, consumers are advised to continue adjusting their spending patterns and to remain credit conscious. Although the national debt total has surpassed the 1.5 trillion pound mark, individual situations can still be vastly altered with a little perseverance.