The economy in the United States is weakening, but — if it is any consolation — Great Britain, considered this nation’s mother country, is in even worse shape.

While many Americans are being overwhelmed by personal debt, our fellow Britons make us look like pikers — to the point that Britain now holds the title as the most indebted rich nation in the world.

Indeed, Britons have amassed a record $2.8 trillion in debt, exceeding even the country’s gross domestic product.
In comparison, the U.S. has racked up $13.8 trillion in personal debt, but that is slightly less than the nation’s $14 trillion GDP.

Easy credit is blamed, at least in some circles, for the woes in Britain, but others (including us) say the problem stems from a lack of discipline in spending habits.

And while the Federal Reserve in the U.S. is cutting interest rates in an effort to loosen lenders’ grip on credit, the Bank of England boosted interest rates last year as home values are dropping and banks are becoming more reluctant to lend.

Consumer debt can fuel economic growth, but eventually many people tend to find themselves addicted to easy money and see no need to hold back on borrowing — or even to build a savings account.

The average British adult has 2.8 credit or debit cards, more than any other country in Europe. Increasingly, Britons are borrowing for vacations and even plastic surgery. The result is a household debt-to-income ratio of 1.62, compared with 1.42 in the U.S. and 1.09 in Germany.

Although in the past, owing money beyond a mortgage was considered shameful in British culture, times have changed and American lenders like Citigroup and CapitalOne have jumped into the British market and prompted fierce competition — including offers for low- and no-interest loans and credit cards that hook many consumers.

Times have changed and Britons have not changed their spending habit enough, resulting in numerous bankruptcies.

We hope U.S. leaders and citizens will learn from Britain’s plight before it is too late because it appears we are headed in the same direction as that of our long-time allies.