Hey Big Spender!

Are you addicted to spending?

We are more in debt than the rest of Europe, and the number of bankrupts is reaching record levels.

We are spending twice as much than continental Europe on our credit and debit cards. Are we becoming a nation of big spenders?

This morning Breakfast negotiates the credit maze in an attempt to help you understand debt and manage it better.

Last year on Breakfast, we spoke to some people with serious debt problems. Max Foster has been back to see one of them.

DEBT FACTS At the end of 2003, borrowing had risen to £4,426 for every adult in the UK, not counting mortgages This is approximately a third of the average annual income. It compares to £3,383 in 2002, and is almost double what is was in 1998. Together, we now owe £930 billion including our mortgages.

John Locke took a loan from a door to door salesman who charged 60% interest. John has since gone bankrupt but is still being offered loans.

Our Declan Curry spoke to Joanna Elson from the British Bankers Association. She supported the way Banks advertise credit:

Banks advertise credit but there is no obligation on us to take loans out. People find credit cards are a useful tool to help us manage our lives. They help smooth the peaks and troughs of cash flow.

Our business reporter Marcia Hughes also spent the day with a debt collecting company.

Financial guru Alvin Hall gave us the lowdown on debt.

You can watch more on debt with Dermot as he co-presents BBC One's Hey Big Spender! programme, tonight at 09.00pm.

Dermot believes many of us are going into debt blindly:

"Many are taking loans without bothering to check the details."

People are taking out loans without really understanding the fine print, they are entering with eyes wide shut...Some don't even know what APR stands for, and some are taking out mortgages without even knowing what the Bank of England base rate. Many young people seem to know much more about debt, but they seem to be less concerned.

Do you think we enter debt too lightly? Are loans too readily available? Use this form to tell Breakfast what you think