Britons are increasing their debts by £1m every four minutes, Bank of England figures have shown.
The amount owed through mortgages, credit cards, overdrafts and loans rose during April by £11.13 billion to hit £984.81 billion.
That puts consumers on track to owe £1 trillion by the middle of this month.
And people are apparently planning to increase the amount they borrow even more, while cutting back on savings and investments, says the Alliance & Leicester bank.
People expect to save just £88 a month during the three months to the end of June, 25% less than the £123 they set aside each month in the previous quarter, it said.
At the same time, the amount people plan to invest has also fallen to an average of £18 a month from £23 during the first part of the year.
The research also found that men will have around 54% more disposable income than women after meeting all their outgoings and saving and borrowing commitments.
"It is a concern to find that people are planning to save and invest less than they were three months ago", said an A&L spokeswoman.