National Consumers Week has been launched with a campaign warning of the dangers of excess debt.

"People usually borrow money when they want to pay for something like a family wedding or a new car. But although the thought of achieving this goal is exciting they need to think about the long term cost of any debt they incur, and take time to understand what they are letting themselves into," said Baroness Wilcox, president of the Trading Standards Institute.

"Keep debt under control" is the call coming from the Office of Fair Trading and the Trading Standards Institute as consumer debt soars to over £700 billion for the first time.

"Obtaining credit is becoming ever easier for UK consumers, but escaping debt problems is a much harder and more challenging prospect," warns John Vickers, director of the Office of Fair Trading.

The campaign has produced a leaflet urging consumers to think carefully before signing up to a credit agreement and suggesting that they shop around for the best deal by comparing sources of credit and the rates of interest.

The campaign also tells people where to go for good, impartial advice if they find themselves with debt problems.

"By shopping around and taking time to think through the consequences of entering into a credit agreement, you can help to avoid debt problems occurring in the first place. Once in it, escaping the vicious cycle of debt can be daunting. So it is important to seek good, impartial advice at an early stage if debt problems arise," said Vickers.

A recent Mintel survey concluded that increased access to debt "can have disastrous effects on individuals who over-extend themselves or who find themselves unable to afford their repayments, perhaps due to losing their job or falling ill, or simply through mismanagement of their finances".

And nearly a quarter of Citizens' Advice Bureau clients had struggled with serious debt for up to two years before seeking help, research earlier this year found. Nearly 23,000 homes were repossessed by mortgage companies in 2000.

The Consumer Credit Counselling Service has found that the people most likely to experience debt-stress are in their late 20s or 30s and that more than 2000 people a week contact the service to get help and advice over debts and financial problems.