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By Dan Atkinson, Financial Mail on Sunday, London Knight Ridder/Tribune Business News
Feb. 6--Mortgage debt will break through the [pounds sterling]1 trillion barrier for the first time next year, according to the Council For Mortgage Lenders.
The staggering record of more than [pounds sterling]1,000 billion will mean the stock of outstanding mortgages will almost equal an entire year's gross domestic product -- the income produced by Britain's businesses, Government and individuals.
It would put the average debt per head of population at [pounds sterling]16,700, including the elderly and children.
With alarm bells already ringing over …