One of the points I always make about household debt, which is around £1.5 trillion, is that it is small in relation to household assets, wealth. That is confirmed by the latest release from the Office for National Statistics, which shows that household wealth in the 2008-10 period was £10.3 trillion, up by £1.2 trillion or 12.9% from 2006-8.
Not only is debt a lot smaller than wealth, roughly a seventh, but it is rising more slowly now - if at all. Unlike in America, where household wealth has fallen very sharply, UK household wealth appears to have survived the housing correction.
It is, however, very unevenly distributed. The wealthiest 10% have wealth of £4.5 trillion, while the poorest 10% have wealth of just £8 billion (which is actually a better position than they were in before). More here.