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Tighter credit conditions and lending regulations could force many consumers to take on more expensive debts, with the possibility of bankruptcy during the next year, an expert has claimed.
The on-going effects of the recent credit crunch will mean that 2008 is "going to be hard" for a number of consumers across the UK, Moneywise stated.
Recent research from uSwitch found that almost four out of every ten consumers are being turned down for credit cards and the number of applications for bankruptcy is likely to break record levels during 2008.
Rachel Lacey, editor of Moneywise, said: "Credit conditions are undoubtedly going to be tight for the rest of this year. I think it will be a bit of a shock.
"I think there`s this assumption that if you want credit you can get it now. I think that`s certainly going to change over this year."
