When it comes to debt, we're No. 2!

Here's some good news for the US: We're no longer number one! At least when it comes to the amount of consumer debt we carry.

Over the weekend a PricewaterhouseCooper report found that UK consumers have surpassed the US in personal debt. In England, personal debts (unsecured and secured) represents 104% of gross domestic product. In the US, our personal debts add up to 92% of our GDP. "The average UK shopper now has more consumer credit that their counterparts in France, Germany and Italy combined."

The good news for the Brits is that something is actually being done to help. A new set of consumer protection rules has capped credit card fees at £12 ($22), down from as high as £38 ($72). These regulations are estimated to have cost UK credit card issuers $2 billion in lost fees. Experts worry that the new restrictions will cause interest rates to rise or will lead to more annual fees, but the end result will probably be good for British consumers.

In fact, the growth of borrowing has already slowed in the UK over concerns about the cost of debt. During July and August, credit card balances in the UK fell by 400 million pounds. That sounds like a good thing to me. Unfortunately, it probably won't be long before America is number one in debt once again.