Everyone knows how easy it is to get a loan at the moment. Interest rates are currently close to 60-year lows and debt is really easy to service. Repayments are very low. Its almost impossible to resist borrowing the money to upgrade your car or house.

That dream holiday is so easy to achieve with a small personal loan. That new lounge suite can be a reality with a 0% loan over 3 years. In many cases interest is of absolutely no concern. 0% loans are now commonplace.

Yes, debt does indeed seem to be a mild, almost timid and completely approachable creature.

The finance companies are aggressively marketing debt. On a daily basis, we are offered credit cards, store cards, motor vehicle loans, personal loans, consolidation loans, mortgages and remortgages. They are all so accessible and easy to get.

Our love affair with debt has been passionate. Debt has funded a phenomenal property boom and a dizzying consumer spending spree. But what of the future?

The burden of debt has increased astronomically in the past years. Net individual lending in the UK now exceeds £1 trillion. (That's twelve zeros: £1,000,000,000,000.00) Even at our current benign interest rates, when monthly repayments should be easy to make, the cracks are starting to show.

Financial distress is evident. The number of personal bankruptcies is currently the highest in a decade and we are seeing the first cases of suicide driven by the stress of debt.

The fact of the matter is that the economies of the Western World are on a knife edge. The massive mountain of debt is a disaster waiting to happen, a time bomb waiting to detonate. Interest rate movements are irrelevant. Whether they go up or down cannot change the situation. Follow:

• If interest rates were to rise, the cost of servicing our debt increases. This increases the level of financial distress which drives the number of defaults and bankruptcies up. This triggers consumer rate hikes to reflect greater risk of default. Which increases defaults. A snowball effect results. And the debt bubble bursts.
• Our inflation rate is currently low enough to be flirting with deflation. In order for interest rates go down, our environment would have to tip into deflation. On the positive side, dropping interest rates would mean lower monthly payments. The problem is that deflation serves to INCREASE the real value of debt. Increasing the already unsustainable burden of debt ... digging a deeper hole. Further inflating the bubble. And all bubbles have to burst.

Things will get much worse before they get better. The unsustainable mountain of debt has to be purged from the system, a huge debt liquidation is inevitable. Bankruptcies will rise, people will default on their debts en-mass and prices of most items will collapse.

During the looming debt deflation, the true nature of debt will be revealled. The finance companies are trying to hide the other face of debt from you. Debt is no mild, timid creature, debt is a hideous beast, a purveyor of anxiety, a destroyer of wealth and a messenger of misery.

If you are currently considering increasing your exposure to debt by increasing your mortgage, I urge you in the strongest possible terms to reconsider.

Exposure to debt in our current financial climate is probably the single largest possible threat to your financial security.

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