Total personal debts are still increasing - but the rate of increase is slower than before.
New debt statistics for UK consumers suggest that people are becoming more conservative in their spending habits.
Credit Action, a financial charity, said that personal debts faced by Britons had increased by £28 billion over the 12 months to the end of March 2009. This brings the nation's total debt mountain up to £1.46 trillion.
However, while the debts are still rising, the rate of increase was revealed to be tapering off significantly. Credit Action said that the annual rise had previously hit £116 billion over the 12 months to January 2008, before beginning to fall.
Over the past year and a half, the credit crunch has led to significant changes to personal financial trends. Rising unemployment and a squeeze on high street borrowing has led to people becoming less willing - or able - to take out loans, credit cards and mortgages.
The fact that the UK is now in recession as a result of the crisis, and that output is likely to remain depressed for some months in the future, is also likely weighing on consumer sentiment.
Credit Action said that, at the end of March, the average household debt excluding mortgages stood at £9,280 in the UK. This rises to £21,580 for all households who hold some form of unsecured debt, such as a credit card balance or a personal loan that has yet to be paid off.
Total debts were also found to rise to £58,350 including mortgage costs.
