Individuals who rely on a loan in January may struggle to find credit, it has been reported.
According to Equifax, there is normally an increase in loan applications in the new year as people attempt to consolidate Christmas debts.
Neil Munroe, external affairs director for the firm, explained that a number of people who usually rely on January credit will not be able to find a loan this time.
He said: "At the moment the general view is that if they are in the marginal area, so if their credit score is only marginally acceptable for lenders, they may find it more difficult."
UK payments association Apacs has estimated that Brits will spend £53 billion this Christmas.
Credit Action reported that by the end of October, total personal debt in the UK had reached £1,391 billion - a 9.7 per cent increase over the previous 12 months.
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