Lenders could be reconsidering their business following the impact of the credit crunch on the economy and turning down high-risk borrowers, an expert has said.

James Falla, managing director of Thomas Charles, said many creditors are tightening their criteria and considering applications for loans and other borrowing more carefully.

"There are changes in the credit card and store card business – of that there’s no doubt," he acknowledged.

Some borrowers have been relying on credit to meet their living costs and to refinance their other debt, meaning any tightening could gravely affect their ability to manage.

Earlier this month, research conducted by online financial advice website MoneyExpert showed that as many as one in three debtors are concerned about their ability to meet their obligations.

Despite this, it discovered that during the last three months, 27 per cent of borrowers have increased the amount they owe.

The website suggested this could be down to Christmas spending using credit cards.