accepted.co.uk - the loans search engine

Britons looking to take out a loan may find that banks are much stricter in what credit they let consumers have, a claim suggests.

People looking for money to cover the costs of new year ventures may also find that credit cards could start cutting the numbers they accept for their products, says David Kuo, head of personal finance at Fool.co.uk.

As such, individuals may find that their spending limits on the plastic have been reduced, he continues.

Commenting on the issue, Mr Kuo says that "you will find that whatever you have on your credit card will be over the limit if you are not very careful".

He adds that banks may also reduce overdrafts, which could mean that taking out credit such as secured loans is one way to obtain a cash boost in 2009.

Indeed, secured loans could be paid into an account on the same day with a low annual payment rate.

However, Sainsbury's Finance recently reported that competitive credit card deals are one reason why people are turning away from using debit cards.