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Increasing levels of consumer debt put the economy in an "alarmingly similar" state to America’s, an expert has commented.

Insolvency lawyer Neil Smyth from firm Taylor Wessing told Business Credit Management UK that the US is at risk of recession and Britain is approaching similar levels of economic problems.

He remarked that even prior to the stock market’s tumble, Britain’s subprime lenders were "restricting their lending criteria, issuing profit warnings, or withdrawing loans for individuals with poor credit histories altogether until market conditions improved".

These are the sources high-risk borrowers facing financial issues would usually turn to, Mr Smyth continued.

Furthermore, the costs of fuel, food and other household bills are rising in Britain, increasing the pressure on households, he concluded.

The cost of the credit crunch is clear for some as many debtors face the increased likelihood of bankruptcy.

One possible option for those struggling with problem debt is an individual voluntary arrangement, also called an IVA.

These allow borrowers to become free of debt within a set period.

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