Lenders are likely to see an increase in loan applications in January as a result of shoppers looking to consolidate their debts from 2007.
Neil Munroe, external affairs director for Equifax, said that while consumers have always opted for loans in January, it might be more difficult in 2008.
"There's a common trend that people do borrow short-term over Christmas and try to consolidate that in the new year, so there's always an increase in loan applications and mortgage applications," he said.
But with the effects of the summer's credit crunch still being felt, many lenders have tightened considerably their lending criteria.
"The issue is whether those people who relied on that capability will find it more difficult to get credit," Mr Munroe explained. "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."
According to figures from Halifax, adults in the UK will spend £11.9 billion on Christmas presents this year.
