How can I handle console logging, large amount of text over time

At the moment I'm using UI.Text and appending strings to it whenever I need to log something to my dev console. Over time the console can build up a ton of text and cause errors: http://puu.sh/iOXXY/fa3ad656a3.png

I could limit the max amount of characters stored at once, clearing old text as new messages are logged. Other then that is there an efficient way to store large amounts of text in a UI element?