Consumer debt has risen and £5.5 billion of finances have been borrowed, in only the second quarter of 2009 - double the amount in the previous quarter, according to the professional advice website, Unbiased.co.uk.

Saving levels in Britain have crept up to £21 billion in the second quarter after hitting an all time low of £14 billion in the first. However it still falls well below savings levels seen this time last year when they are 70 per cent higher

David Elms, the chief executive of Unbiased.co.uk, said: "The financial turmoil of 2008 prompted a dramatic retreat from savings in favour of repaying personal debt.

"The first half of 2009, in contrast, has seen consumers head back down the debt path as they shift back into borrowing. However, it is encouraging to see that Brits are beginning to save again, despite the low interest rate environment."

Mr Elms added: "After the topsy-turvy behaviour of financial markets and a deluge of contradictory reports on the economy in the media, it is not surprising that many consumers may feel uncertain about their financial standing.

"It is therefore vital for consumers to keep a close eye on their financial position, and anyone with financial concerns should seek professional advice from an independent financial adviser. Only an IFA will be able to help you strike the best balance between borrowing, saving and other financial aspects."