The tightening credit market could lead many consumers to "tighten their belts", it has been observed.

Chris Tapp, director of Credit Action, suggests that the fallout from the credit crunch could make it "a lot harder" for Britons to address their personal finance situations.

Debt consolidation loans could be one way for many people to minimise their outgoings by offering a fixed repayment schedule and single monthly repayment.

"We've already seen how many people struggle to pay off their borrowing from Christmas," Mr Tapp comments.

One in five people take more than six months to clear their festive borrowing - and this could rise in light of the tighter credit market.

"It's going to be a lot harder for people and they are going to have to tighten their belts accordingly," he adds.

By obtaining a debt consolidation loan, many individuals could find they are able to see their way through an affordability crisis which may arise in the run-up to Christmas.ADNFCR-1287-ID-18356953-ADNFCR

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