While many Americans may be struggling with their finances because of a weak housing market and rising prices, the situation is just as gloomy across the Atlantic.

A new report has warned that UK consumers will come under increasing strain in the run-up to Christmas as they find ways to pay for fuel, food, mortgages and rent.

The TDX Group's debt index shows there has been a rise in the number of debt management plans as the cost of living rises and the value of property declines.

At the moment, these plans account for £10 billion ($20 billion) of personal debt, but this is set to rise by another £5 billion by Christmas.

Mark Onyett, chief executive of TDX Group, said: "We're already seeing far higher numbers of consumers struggling with personal debts and the pressure is set to intensify over the coming months."

US consumers struggling with high gasoline and food costs may also need to consider debt management plans in the near future.

-----------------------------------------------------------------------