However, analysts at Capital Economics said that consumer debt on the whole was not out of control.

"While other forms of borrowing such as mortgage borrowing have been rising too, they have done so considerably more slowly.

"Accordingly, total household borrowing has risen by only 4% over the last year, hardly a borrowing binge and well down on the growth rates of 10% plus seen before the financial crisis."

Capital Economics added that the cost of servicing debts compared to household income was still low and manageable. Interest rates would have to rise significantly to raise this cost to the levels seen in 2008, it said.

The Bank of England's chief economist has also said there is no need to panic.

"Interest rates are still very low, and are expected to remain so for the foreseeable future, so there are fewer concerns on debt servicing than there were in the past," Andy Haldane said recently.

"There are reasons not to be too alarmed about it ticking up, but it is absolutely something we will watch carefully," he added.