Those struggling with their partner’s debt should be wary of continuing to use joint bank accounts, a publication has warned.

A woman married to a man with problem debts wrote to the Guardian newspaper, highlighting her fears that her husband will borrow against the house without telling her.

The situation is causing both her and her children a considerable amount of stress, she reported.

In response, the newspaper reassured the concerned woman that her husband cannot borrow against the house without a signed agreement from her.

Despite this, it warned there is still a danger in holding joint accounts or credit cards.

"Your husband could run up big debts and leave you with the bill. So break off any joint accounts as a matter of urgency," the Guardian urged.

Several organisations have published survey results which show debt levels contribute to stress not just for the borrower but for the whole household.

Debtors who are concerned their borrowing levels are putting their family’s wellbeing at risk could consider an individual voluntary arrangement (IVA).

Unlike bankruptcy, an IVA allows the borrower to keep important belongings such as their family home.

Many Britons will have been shocked recently as their credit card bills reveal the full extent of their Christmas spending, an expert has claimed.

A spokesperson for price comparison and financial advice website Moneyfacts.co.uk has warned that many people remain unaware of the reality of what they spent until their bill arrives.

The spokesman urged: "When reality hits home and you see the size of your January credit card bill … why not see it as a kick up the backside to switch your credit card to a cheaper deal?"

However, for some debtors, changing credit cards is no longer an option as their credit rating has been left bruised by the increased cost of living causing them to miss paying bills.

Research conducted earlier this year by online comparison site moneysupermarket.com found 13 per cent of bull payers had skipped at least one payment last year, of which credit cards are the most likely to be missed.

For debtors facing bankruptcy as they run out of refinancing options, one possible alternative is an individual voluntary arrangement, usually known as an IVA.

An increase in the amount of financial advice available to Britons could lead to a reduction in debt and an increase in levels of savings, it has been suggested.

The Association of Independent Financial Advisers (AIFA) has claimed access to professional advice could see a reduction in indebtedness of almost £30 billion across 24 million households.

Chris Cummings, director general of AIFA, said independent financial advisers are a trusted source of online advice.

"Whether planning for retirement, reviewing investments or cutting credit card debt, independent research shows that consumers are financially better off once they’ve been advised by a professional financial adviser," he claimed.

However, for some debtors, the AIFA’s calls for increased advice come too late as they are already struggling with high levels of problem debt.

There are many routes out of debt available to such people, including individual voluntary arrangements (IVAs).

Such agreements allow the debtor to retain their home and make affordable monthly repayments.

At the end of the set period, usually five years, any remaining debt is written off, setting the borrower debt-free.

Many debtors convince themselves that if they pay back the minimum amount then they are not in debt, when actually they are just putting off the "evil day", an expert has warned.

Anne Bowen, manager of Dorchester and district Citizens Advice Bureau, made her comments to the Dorset Daily Echo, reporting an increase in the number of debt queries and bankruptcies brought to her attention.

She said the situation could even be worse than last year.

Many borrowers built up their debt throughout the year and Christmas is the "final straw" that drives them into insolvency, Ms Bowen suggested.

Furthermore, some people have ignored their problems in the hopes they will go away, she continued.

"People also panic when they get into debt and they don’t tell anyone else in the family. Most situations are retrievable – for even the largest sums there are options," Ms Bowen concluded.

One option for those facing serious debt is an individual voluntary arrangement, usually called an IVA.

Such agreements are made through a court and ensure the debtor only makes payments they can afford.

It is the government’s role to worry about the national and global economies, while consumers must look after themselves as the threat of recession looms, an expert has commented.

David Kuo, head of personal finance at online adviser Fool.co.uk, said people must look carefully at their finances to be sure they can survive any economic hardships ahead.

"Try and pay off any loans that you might have at the moment because you don’t really want a millstone around your neck if you are out of work," he urged.

If a recession does occur, it is probably the result of many years of "frivolous" overspending, Mr Kuo added.

Even before the effects of a potential recession impact, many Britons are already struggling to manage their finances and problem debt is hitting many household incomes hard.

One possible option for those seeking a secure route out of debt is an individual voluntary arrangement (IVA).

These agreements are made in court and allow debtors to make an affordable monthly repayment. Once an IVA is in place, it is binding and the creditors cannot chase the person for any greater sum than has been agreed.

At the end of the set period, usually five years, any remaining debt is written off and the borrower becomes debt-free.

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.

Credit card bills, loan repayments and unauthorised borrowing fees are hitting "already depleted" bank accounts hard, it has been reported.

According to the Daily Record, January can be a "chilly month" for British finances, as the cost of consumers’ Christmas spending begins to bite into household finances.

However, it warned people: "Never borrow from your bank without agreement – you could be charged close to 30 per cent interest plus whopping penalty fees."

Some debtors, though, may find that the rising cost of living is combining with their Christmas overspend and pushing them into unauthorised borrowing or perhaps even towards bankruptcy.

One option for people experiencing such problem debt is an individual voluntary arrangement (IVA).

These were created to allow people an alternative to bankruptcy, offering them a route out of debt which enables them to retain their homes.

IVAs allow debtors to make an affordable monthly payment for a set period, at the end of which any remaining debt is written off.

Many Britons are unaware of the realities of their financial situation and have continued spending, a new report has warned.

Research by Alliance Trust has claimed people have been spending "beyond their means" for the last two years and are now highly in debt.

Shona Dobbie, head of the Alliance Trust Research Centre, said she anticipates a slow in consumer spending but warned that many households have yet to face up to "financial reality".

"We are seeing particular pressure on budgets with higher food and fuel prices and heavy levels of debt and mortgage payments," she warned.

For some debtors, the aftermath of the credit crunch means their financial reality is an inability to cope with their level of borrowing.

One possible option for those facing insolvency is an individual voluntary arrangement (IVA).

Such court-approved agreements allow the debtor to make repayments at an affordable level for a set period of time, usually about five years.

At the end of that time, an IVA means any remaining debt is written off, effectively setting the borrower debt free.

Those struggling with debt should make a new year resolution to sort out their finances before next Christmas, an expert has urged.

Donald Macleod, head of cards at Sainsbury’s Bank, said many Christmas shoppers will be receiving their credit card bills now, which could prompt them to reassess their finances.

"Appraise where you are and see if there’s a better way of handling that debt – look at loans, look at restructuring, the zero per cent interest rates out there," he suggested.

Consumers should carefully examine their income and outgoings as they plan their year’s spending, Mr Macleod added.

However, for some debtors, the rising cost of credit will have squeezed their income to the point where their income appears insufficient to manage their debts.

Citizens Advice recently warned that many people had been lured into debt during the credit boom but that an increasing number are now finding they are unable to cope.

One option for those facing unmanageable debt and the growing risk of bankruptcy is an individual voluntary arrangement, more commonly known as an IVA.

Almost five million Britons spend more than they earn, with 5.7 million using debt to fund expensive lifestyles, a new report has warned.

Research conducted by price comparison website uSwitch.com has revealed nine million people in this country only just manage to break even at the end of each month.

Ann Robinson, director of consumer policy at uSwitch.com, claimed Britons are suffering from "affluenza", causing them to become debt-ridden in their pursuit of lavish, celebrity-inspired lifestyles.

"Short-term debt solutions may seem an efficient way to fund spending but they can also lead to long-term debt if not managed properly," she warned.

For those borrowers who would like to become debt-free but are struggling to manage their debt, let alone repay it, one possible option is an individual voluntary arrangement (IVA).

These were created by the government to provide an alternative to bankruptcy and allow the person to become debt-free within a set period, often five years.

IVAs ensure the borrower repays a monthly amount they can afford and at the end of the set time, any remaining debt is written off.