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    It is too early to tell if the credit crunch will cause an increase in insolvency, however, it is likely the cost of mortgages will rise for some households, an expert has warned.

    James Ketchell, spokesperson for Consumer Credit Counselling Service (CCCS), said it is hard to tell if there will be an increase as it can take time for debt levels to build up to the point where people declare themselves insolvent.

    However, he explained: "There is a risk that people on cheap fixed-rate mortgages will in the future be forced onto more expensive products, so they will have to address their spending as a consequence of that."

    Rent or mortgage repayments are the most important part of a person’s budget and so their spending will have to be adjusted accordingly, continued Mr Ketchell.

    Leisure and spending on luxury items are likely to be the first areas people cut back in, he added.

    Government statistics show that last year there were more than 100,000 insolvencies in Britain.

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