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British consumer debt issues are not as severe as they were in the early 90s, an income specialist has claimed.

Chris White, of Threadneedle, made his comments to the Citywire news resource, predicting that consumers could still face a difficult period as the country "flirts" with recession.

However, he suggested that wider economic factors make it unlikely the country will experience the problems it did during the last decade.

While Mr White’s words may reassure many, those debtors who are already experiencing problems because of the credit crunch may be less optimistic.

For some households, the rising cost of debt means they can no longer refinance their credit and is squeezing their income.

There are many options to those struggling to cope, one of which is an individual voluntary arrangement, more commonly known as an IVA.

Such agreements are made through the courts and allow debtors to make an affordable monthly payment for a fixed period, at the end of which any remaining debt can be written off.

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