Leading business advisory firm PricewaterhouseCoopers (PwC) has warned that access to credit "is drying up".
The PwC Credit Confidence survey has found 27 per cent of people are concerned about their ability to repay debts, with 16 per cent already struggling with mounting arrears.
Also in the survey, it was revealed that 100 adults enter bankruptcy every hour, with levels of unsecured borrowing in the UK outstripping the rest of mainland Europe.
Richard Thompson, partner and head of consumer finance at PwC, has said that UK borrowing habits in "tough market conditions" can spell "tough times for both consumers and spenders alike".
He added: "After years of easy credit, access to this is drying up."
A recent survey of chief financial officers for KPMG found that a number of companies are relying on short-term fixes to survive the economic downturn.
Nearly half of respondents admitted to negotiating longer payment terms with suppliers.
