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    Some people have been relying on cheap refinancing options to juggle their debt, but that option may no longer be open to them following the credit crunch, an expert has commented.

    Beccy Boden Wilks, spokeswoman for the charity National Debtline, said those experiencing financial difficulties could refinance to find a cheaper way of managing their debt but only if they had a good credit rating.

    "If that isn’t an option for people anymore, then it could be that we’ll see more people needing debt advice on the other options – which may include insolvency: [individual voluntary arrangements] or bankruptcy," she commented.

    Individual voluntary arrangements are formal agreements with a creditor to repay an affordable amount each month for a set period of time, after which any additional debt is written off.

    They were created by the government in order to provide an alternative to bankruptcy and allow struggling debtors to retain important possessions such as their homes.

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