The current financial climate could mean that cheaper credit sources are "going to be harder to get your hands on," according to Moneywise magazine.
Editor of the magazine Rachel Lacey explained that those looking to extend their credit agreements could be refused an extension because of the tightened market, resulting in a heavier dependence on overdrafts.
Ms Lacey said: "I actually think that in the short term there’s a real danger that people could just take on more expensive debts as an alternative."
She added that credit problems could result in transactions being bounced, resulting in bank charges of around £30 per time, further adding to debt problems.
Research by uSwitch.com shows that although three million UK adults have got a consolidation loan, 65 per cent of those did not close their other credit courses, so creating an average extra £2,300 of debt.