The ease with which people can spend money they do not have through credit cards is a contributing factor in the number of people becoming insolvent, an author has warned.

Connecticut College psychology professor Stuart Vyse, author of Going Broke: Why Americans Can’t Hold On To Their Money, said in the modern world, consumers can buy anything they like, regardless of whether they have the money to hand.

He told the Guardian newspaper: "All of the barriers to spending have been removed."

Research published earlier this month by online financial advice resource MoneyExpert.com revealed one in three Britons who have debt are concerned about their ability to repay it.

Despite such worries, more than two million of the country’s debtors have increased their debt levels during the last three months – which the report suggests is the result of Christmas spending.

Sean Gardner, chief executive of MoneyExpert.com, described the findings as "worrying".