Northern Ireland’s credit card debt level has tipped over the £1bn mark, the Belfast Telegraph can reveal.

The alarming statistic — which has been derived from an overall UK figure revealed by the Credit Action charity — equates to around £1,600 for every household here.

Experts predict the deepening recession coupled with its threat of higher unemployment, further pay cuts and diminishing family incomes will only add to this massive mountain of debt.

And, tellingly, Citizens Advice has revealed a year-on-year £2m increase in ‘plastic debt’ owed just by clients here — a surge of 50% on the previous 12 months.

Richard Ramsey, Ulster Bank senior economist, said the colossal credit card debt figure was a sign of the times.

“The debt level in Northern Ireland isn’t really a surprise given the speed at which the economy turned around,” he said.

“During the credit boom people were probably overly-optimistic about the future as they had no reason to think the good times would come to an end so soon.

“Credit cards became a vehicle for financing people’s lifestyles and standard of living — and that has come to a premature and abrupt end.”

Money advice specialist at |Citizens Advice, Scott Kennerley, added: “The level of credit card debt in Northern Ireland has |always been of great concern to us.”