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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.

The majority of Britons staying in to celebrate this new year's eve are doing so in order to shore up some cash for 2009.

Such is the assertion of NS&I, which found that 81 per cent of people surveyed are staying in because they believe there are better things they can spend their money on.

Indeed, people struggling to save money to fund a trip abroad, a home extension or a new car could boost their finances with a loan until their disposable income improves.

And of those who are set to go out, 59 per cent are hoping to attend free events to make the night as cheap as possible.

"It is good to see that people are finding creative and less expensive ways to celebrate in an attempt to avoid a new year hangover," says senior savings strategist from NS&I Dax Harkins.

As such, individuals needing a cash boost in the form of a loan may want to consider secured loans, which could see the money in their account within days.

But with 44 per cent of people surveyed by Lloyds TSB expecting prices to rise next year, a loan could indeed provide a much-needed cash injection to cover the cost of large ventures.

Credit card providers are offering more competitive deals which are contributing to Britons turning away from using debit cards, it has been suggested.

The online shopping trend has also boosted the popularity of flexing the plastic, which provides protection for shoppers should they be a victim of fraud, says Sainsbury's Finance.

"People are also finding themselves slightly more economically stretched and are therefore using some of these short-term secure borrowing tools to manage their household finances," comments head of Sainsbury's Credit Cards Donald MacLeod.

Another borrowing method could be for individuals to take out a loan such as a secured loan, although this type of credit could be secured against a current property.

However, in some cases, such credit can be paid out on the same day, which may be beneficial to cash-strapped consumers.

It was recently advised by Gocompare that adults should research the best value financial products on the market before making a decision as to what to apply for.

The recovery of house prices could be as dramatic as the decline in property values witnessed during the credit crunch, a claim suggests.

According to the National Association of Estate Agents (NAEA), interest rates are likely to further fall during the first quarter of 2009.

Furthermore, the drop in house prices will begin to bottom out, which could make now the right time for Britons looking to sell up to make much-needed home improvements to boost their property's value.

Commenting on the news, chief executive of the NAEA Peter Bolton King says: "Some people are beginning to cotton on to this [property recovery] - which is why our members are starting to see enquiries increase again, as people begin to believe they can find a bargain."

As such, taking out a loan to pay for a new kitchen or making energy efficiency measures such as draught-proofing and insulation could be a wise move for Britons looking for a quick sale.

Indeed, secured loans to cover such measures could be paid out within days, depending on the lender.

Meanwhile, the Royal Institution of Chartered Surveyors recently noted that first-time buyer interest has reached high levels.

People are adopting a more positive outlook for 2009 when it comes to the price of goods, a claim suggests.

When questioned in December, 44 per cent of individuals thought that prices were set to rise next year, research by Lloyds TSB has discovered.

However, 90 per cent of people thought inflation would increase when surveyed in July, falling to 58 per cent in November.

As such, tools and materials for home improvements or a new car or holiday may come with a lower price tag than expected, although some households may still need to turn to a loan to fund such ventures.

"The expectation that interest rates are set to rise may mean that consumers don't have the confidence to spend, preferring to save for the years ahead instead," states Trevor Williams, chief economist at Lloyds TSB Corporate Markets.

Indeed, people wanting to save their income and use credit to cover large projects may want to research secured loans as a way of doing so, which could come with a lower annual percentage rate than other loans available.

According to Moneyfacts, people are more aware of how they use credit and are financially preparing for a 2009 recession.

People have become more prudent about how they are going to spend their funds as the credit crunch continues to bite, it has been claimed.

According to Moneyfacts, individuals are more aware of their disposable income and how this should be spent.

Indeed, while a loan can boost the cashpot of households, people may be more carefully about how they spend this money.

Commenting on the findings, Darren Cook, spokesperson for Moneyfacts, says: "As the recession kicks in I think everyone is aware there is going to be tough times ahead so I think lots of people are prepared or taking precautions so they don't get into trouble in 2009."

Such preparation may include taking out a secured loan.

Furthermore, households may have less of a shock when the bills arrive in the new year because of more frugal festivities, he adds.

According to Norwich Union, 33 per cent of families have enforced rules that mean only children will receive presents this Christmas, in a bid to save some extra cash.

House prices are set to decline by ten per cent over the next 12 months, a claim suggests.

While new buyer enquiries are at high levels, finding the funding to purchase a home is proving difficult for some, claims the Royal Institution of Chartered Surveyors (Rics).

Indeed, persuading people to part with their cash may be easier if a home has up-to-date refurbishments, such as a large modern kitchen which could be paid for with a loan.

Mortgage approvals are also 64 per cent lower than 12 months ago, Rics continues, meaning the government has to do more to boost secured lending to Britons.

"Lenders are likely to remain cautious in the near term in the absence of any guarantees on mortgage backed securities", comments Rics chief economist Simon Rubinsohn.

As such, taking out secured loans could be one way to boost the value of a property by carrying out home improvements, which may result in a higher selling price when the market bounces back.

The National Association of Estate Agents recently announced that the value of an average detached property currently stands at £287,922, down from £291,592 in October 2008.

The low number of mortgage approvals is set to continue into 2009, one sector commentator claims.

According to head of mortgages at moneysupermarket.com Louise Cuming, banks will continue to push restricted deals despite the government's urge to open up lending.

"For new borrowers, lenders will maintain a tight rein on credit and the competition for the best customers will increase as lenders continue to turn away those seen as riskier applicants," she says.

Indeed, homeowners who were planning to sell up in 2009 but now unsure where the market stands may want to consider carrying out home improvements instead.

Taking out a loan to pay for a new kitchen or bathroom could increase a property's value for when the right time comes to put it on the market.

And secured loans could be one financial option, although borrowers may want to be aware that these may be secured against their current home.

Furthermore, Ms Cuming claims that lenders should make sure they have the correct support in place for cash-strapped Britons currently borrowing money.

It was recently stated by Fool.co.uk that more than 800,000 people have already taken a mortgage payment holiday.

Getting a good deal on financial products can help cash-strapped Britons cut down on their outgoings.

Such is the assertion of Hayley Parsons, Gocompare's chief executive, who states that 60 per cent of adults will be making financial new year's resolutions in a bid to organise their money.

Of these, 42 per cent wish to slash their household outgoings and she recommends using a comparison site to find the best offers available.

Meanwhile, 48 per cent of people making money promises want to reduce their loan or credit card costs and get themselves out of debt, the survey reveals.

Indeed, secured loans could have a lower annual repayment rate than other loans and therefore may be an option for Britons looking to cover large ventures.

"However, the survey shows that 58 per cent of resolutions falter in less than three months, so people are going to need some real help to keep on track," Ms Parsons advises.

In related news, taking a mortgage payment holiday to reduce outgoings could lead to a higher interest bill further down the line, according to Fool.co.uk.

There may be a credit crunch but people are not letting that get in the way of their festive fun, according to new research.

Indeed, Halifax has discovered that Britons are setting limits on the amount that they will spend on family and friends, who will still receive presents this Christmas.

But individuals aged between 16 and 24 are the most likely to spend more than what they had originally agreed, meaning that they may need to turn to a loan to cover the cost of any new year endeavours.

The average spending cap is £33.26, although the south-east is the region less likely to blow the budget on friends and family, with an average limit of £15.78.

Commenting on the findings, Mike Regnier, Halifax head of banking, states that imposing a spending cap can be a good way to ensure that loved ones still receive gifts.

However, people cutting back in order to save money for a project in 2009 may prefer to take out a secured loan to give them a much-needed cash boost.

In related news, LV= recently stated that children are expecting Santa's present sack to be lighter this year because of the credit crunch.

People considering taking a mortgage payment holiday in order to free up cash to cover a project may wish to heed the advice of one sector commentator.

According to David Kuo, head of personal finances at Fool.co.uk, deferring mortgage payments will result in Britons having to foot a higher interest bill further down the line.

Individuals may therefore wish to take out a loan to cover the costs of ventures such as a home extension, while secured loans could come with a lower annual payment rate than other ones available.

More than 800,000 consumers who have already taken a payment break will find themselves with a total interest increase of £2.8 billion, uSwitch.com found.

Commenting on the website's findings, Mr Kuo states that people taking a mortgage holiday will "end up with a bigger interest bill at the end of the period which will be added on to your loan so you'll end up paying for it eventually".

As such, taking out a smaller personal loan may be a better route for those looking to undergo some new year home improvements or to replace their car.

Keeping the Christmas magic alive may be more difficult because of the credit crunch, a claim suggests.

Children are aware that their parents' spending habits have had to change, while ten per cent of adults admit that they have had to fork out less on their youngsters, LV= reveals.

Indeed, 44 per cent of those aged between eight and 18 believe that they will receive cheaper gifts when December 25th comes round.

"Once again, this illustrates the importance of families saving as much as they can, not only towards Christmas but for the future generally," claims Mike Rogers, LV= Group chief executive.

However, taking out a loan could be an option for families that do not have enough savings to cover the cost of new year property renovations or a much-needed holiday.

Secured loans - which may have a lower annual payment rate than other loans - could be useful for the 28 per cent of Britons who Alliance & Leicester found have not saved a penny during 2008.

People looking to fund big ventures in the new year may find that their finances are running low.

According to research by Alliance & Leicester, 28 per cent of Britons have not saved a penny during 2008.

Indeed, 12 per cent of people admit that they had built up a nest egg but then spent it, which may mean that a new car, family holiday or a home extension could have to be covered with a loan.

"It's encouraging to see Brits are becoming more aware of the importance of a savings pot. When it comes to the crunch, it makes a big difference if you have a financial cushion to fall back on," claims the manager for savings at Alliance & Leicester Hetal Parmar.

As such, people looking for ways to cover big expenditures as the credit crunch continues may want to consider secured loans, although they could be secured against a current property should the borrower stall on repayments.

Meanwhile, National Savings and Investments recently revealed that 47 per cent of Britons claim that they have managed to regularly put money aside during the year.

Despite falling house prices, the percentage of first-time buyers in the market has increased, a report states, news which may be important for Britons currently looking to sell their home.

The average price of a terraced house dropped from £151,305 to £149,589 - between October and November 2008 - according to the National Association of Estate Agents (NAEA).

Indeed, taking out a loan to undergo home refurbishments to boost a selling price may be a wise move to make, after the NAEA notes that the value of an average detached property now stands at £287,922, down from £291,592.

"For tens of thousands of people, their new year's resolution as 2008 draws to a close will be to get on to the property ladder, or to move further up it. We must all do what we can to help them achieve that goal," states Chris Brown, president of the organisation.

However, making home improvements - possibly paid for with a secured loan - could also be worthwhile because the number of first-time buyers in the market rose for the third consecutive month.

In related news, the over-55s are more likely to take energy efficiency steps in order to lower their home heating bills, Opus Energy revealed.

People must not cut back on car maintenance in order to save some extra cash during the credit crunch.

Such is the advice of the AA, which adds that not getting a vehicle serviced will cost more further down the line.

Indeed, such news comes after the driving organisation has claimed that a third of families are making more cutbacks now than they were when petrol was at record prices.

According to the AA, the price of fuel is currently standing at a 21-month low, with an individual at the forecourts enjoying an average of 89.48p per litre for petrol and 101.93 for diesel.

"Cutting back on servicing will be a false economy as breakdowns are more expensive and disruptive," states president of the AA Edmund King.

As such, families who either want to buy a new car or to make serious repairs to a current one may find a loan useful to fund such action, although secured loans may have a lower annual payment rate than other loans.

Meanwhile, the AA recently announced that in a bid to save money, more than 60 per cent of Britons will be leaving their cars on the drive over the holiday season.

The over-55s are more savvy when it comes to carrying out energy efficiency measures to save money on their home heating bills.

Such is the assertion of Opus Energy, which found that compared to people aged under 25, the older generation are 25 per cent more likely to enjoy lower monthly energy bills.

Indeed, young and old alike may want to take out a loan to further boost the green ratings of a property, which may lead to a higher selling price should individuals decide to move.

While 66 per cent of the under-25s use energy saving lightbulbs, the baby boomers are one step ahead, with 88 per cent claiming to have such fixtures, the research reveals.

"It's clear that having lived through two recessions, our older generations are more adept at taking steps to save on their energy usage to cut their bills," claims Louise Boland, director at the company.

Meanwhile, taking out secured loans to carry out green home improvements may be an attractive move.

According to uSwitch.com, a ten per cent cut in home heating prices will still leave households forking out an average of £1,164 for their annual energy bill.

It is surprising that despite the current economic downturn, Britons admit that they are still managing to regularly save.

Such is the assertion of a National Savings and Investments spokesperson, who says that he finds the fact that 47 per cent of people who claim that they regularly put money to one side as unanticipated.

Indeed, such a statistic is even more surprising with the reduction of disposable income, he adds, a financial worry that may lead individuals to take out a loan in order to cover the costs of a venture.

"I think in these uncertain times we would hope that people are starting to save more to give a buffer against this uncertainty," he states.

Furthermore, the Office for National Statistics found that people's savings ratio - the amount of disposable income that is saved - stood at 0.4 per cent in the second quarter of 2008, up from -1.1 per cent in the first quarter.

However, households which find themselves in the situation of having no spare cash may want to take out secured loans to cover the costs of a new car, home improvements or an extended winter getaway.

A lowering of energy prices for Britons will still leave them with a sky-high bill compared to what they received in January 2008.

Such is the assertion of uSwitch.com, which states that a ten per cent reduction in home heating prices will still leave households with an average annual energy bill of £1,164.

Indeed, people struggling to pay their bills or in need of some energy-efficient home improvements may want to take out a loan to cover the costs.

Commenting on the claims, Ann Robinson, director of consumer policy at the website, says that installing energy-efficient light bulbs and not leaving electrical items on standby can help households save pounds off their bills.

"You should also talk to your supplier to see if they can help you with a grant or funding towards more expensive energy efficiency steps such as insulating your home or getting an energy-efficient boiler," she adds.

But for individuals who are not eligible for a grant, secured loans could provide the financial injection needed to bolster the energy efficiency of a home.

In related news, Confused.com recently claimed that £160 a year could be saved off energy bills if the walls in a property were insulated.

Over 30 per cent of people in Britain do not have enough money to cover themselves in an emergency, it has been revealed.

Research by National Savings and Investments (NS&I) also found that out of the 53 per cent of people who do not regularly put money into a savings account, 21 per cent do not save at all.

As such, expensive ventures such as home improvements or holidays may have to be paid for with a loan if a household's coffers are running on empty.

Commenting on the findings, a spokesperson for NS&I says that with news about redundancies "and [when] it gets to this time of year when boilers break down and different things like that, a third of the people we talked to saying they can't even cover that is a really worrying figure".

However, secured loans could provide the financial platform to undergo such repairs, or even to cover everyday costs until the job market begins to recover.

But there is promising news, after the organisation discovered that 47 per cent of people claim that they do put money to one side on a regular basis.

The average amount of debt that people expect to be left with in the new year is £449.

Such is the assertion of Halifax, which asked those using loans, store cards and credit cards to fund their festivities how much they think they will owe once the big day is over.

Indeed, over a third of cash-strapped consumers will use a credit card, five per cent will use a loan and 14 per cent will pay for Christmas on a store card, the research reveals.

As such, Britons considering taking out a secured loan may be interested to discover that the annual percentage rate may be lower than other loans on the market.

Meanwhile, two-fifths of women are concerned about their festive finances, compared to under a quarter of men.

Head of banking of Halifax Mike Regnier warns individuals that while they may use store cards to pay for Christmas, this "could see them paying out more in the long run".

But secured loans could be one option for households looking for a financial boost this holiday season.

In related news, MoneyExpert recently revealed that 12 million adults in Britain have a personal loan.

The next 12 to 18 months could well be the best time for people to invest in a property.

Such is the assertion of one property expert, who claims that the value of homes is set to go up at rates ahead of inflation.

Indeed, Simon Preston, chairman of iammoving.com, states that in two years' time the property market will have bounced back, although recovery will start in 2009.

Taking out a loan to cover the cost of home improvements could be a wise move for Britons who wish to sell their property and want to boost its value.

According to Mr Preston, prices will rise because "there are a lot of people who have not been moving, there are lot of new houses that won't be built and therefore there is a lot of repressed demand".

Meanwhile, the November 2008 Rightmove House Price Index revealed that the average asking price for a property stood at £222,979, a 2.9 per cent drop compared to October.

However, people considering secured loans in order to pay for home improvements may wish to know that such a loan could be secured against a current property should payments be missed.

People on the search for the best loan deal need to be aware that not all lenders are playing ball when it comes to the lowered interest rate.

Indeed, many secured loans have variable rates, just like a mortgage, states MoneyExpert.

However, some secured lenders have not lowered their rates in line with the latest Bank of England interest rate cut, which now stands at two per cent, the website continues.

Meanwhile, 40 per cent of people who apply for secured loans via the site do so as an attempt to consolidate their debts, while 26 per cent of adults in Britain - the equivalent to12 million people - have personal loans.

As such, households struggling to find the cash for whatever reason may want to research loans available on the market, in order to get the best deal.

In related news, Steve Folkard of AXA recently commented: "The more aware you are of your problems and the more in tune to your financial situation you are, the better your chances of coming out the other end in good shape."

Households currently financing ventures with a loan could be paying a higher annual percentage rate (APR) than they have to, it has been claimed.

According to research by the Motley Fool, 13 per cent of people have tried to negotiate a cheaper interest rate for their loans or credit cards.

Indeed, a quarter of consumers admit that they are unsure even how much interest they do pay to their lenders, news which may be important for individuals considering taking out secured loans.

Commenting on the findings, David Kuo, head of personal finance at the webite, says that people should aim to lower their APR.

"If you don't ask, how do you know you won't get it? The worst thing that can happen is that they say no," he urges.

Furthermore, 27 million people in total may be paying higher interest rates than they should be doing.

Meanwhile, it was recently urged by MoneyExpert that cash-strapped consumers who need to flex the plastic this Christmas should do so with interest-free credit cards.

People currently undertaking home improvements in time for Christmas may want to add outside lighting and window and door locks to their property, after the claims of one sector commentator.

Indeed, the festive season is the time when burglars will have a more successful haul, as homes start filling up with expensive gifts, says a spokesperson for the British Insurance Brokers' Association.

"What you don't want to become is a statistic because someone has walked down your road, seen your lights on and seen presents through the window. Just be aware that if you can see it, so can they," he warns.

As such, households using a loan to pay for ventures such as a new kitchen may be wise to use some of it to bolster the security of their property.

Meanwhile, Norwich Union recently stated that homes are 25 per cent more likely to be broken into on New Year's Eve than any other day in the year.

However, secured loans - which may have a lower annual percentage rate than other loans - could provide the cash boost for people looking to upgrade their home.

Households looking for last minute ways to cut the cost of Christmas have decided to do their festive food shop at cheaper supermarkets.

Such is the assertion of uSwitch.com, which states that seven million people have chosen this budgeting tip in order to cut their household outgoings.

Indeed, 92 per cent of shoppers will be taking advantage of buy-one-get-one-free offers in the aisles, while 80 per cent will search for money off vouchers to shave pounds from their checkout bills.

Commenting on the findings, Ann Robinson, director of consumer policy at the website, says: "Simple steps such as switching to an interest-free credit card or lower rate loan, moving to a cheaper insurer or to a value for money utility supplier, can cut your bills and put money back in your pocket."

Indeed, secured loans may have a lower annual percentage rate than other loans in the market, which could make them an attractive financial option for cash-strapped consumers.

Meanwhile, AXA recently claimed that 707,637 Britons have turned to secured loans in order to boost their finances.

House prices will start to increase towards the end of 2009, news which may be welcomed by Britons hoping to sell a property.

Indeed, according to Luke Bennett, founder and managing director of SW19, the housing market has reached a plateau and he believes that the only way for prices to go is up.

As such, individuals looking to eventually sell their property may want to take out a secured loan in order to carry out home improvements, which could boost its value further.

"A lot of people are saying that 2010 will see prices start to rise [but] I think it will be sooner than that because the market slowdown has been a bit longer than people thought previously," Mr Bennett claims.

Furthermore, he states that people may also rent out one of their rooms in order to cover a loan agreement.

It was previously reported by Nationwide that house prices have fallen by 13.9 per cent over the last 12 months, with the average property value standing at £158,442.

But a new kitchen, extension or other home improvements could see the cost of a loan paid off if a property is sold for a higher asking price than originally expected.

The credit crunch has reduced the financial apathy of Britons, who are increasingly switching their banks in order to find the best deal for them.

Savvy savers are scanning the market for the most suitable lender, according to the Co-operative Bank, although homeowners looking for a cash boost to fund expensive ventures may wish to research the best secured loan deals.

Indeed, attractive incentives and marketing are usually the two main reasons why customers change lenders, notes John Barker, head of current accounts.

"It was often said that people were more likely to get divorced then change bank accounts, but it appears this consumer apathy is a thing of the past thanks to the financial crisis," he adds.

As such, shopping around for the best secured loans may result in Britons enjoying a lower annual percentage repayment rate than other loans on the market.

Meanwhile, Alliance & Leicester recently reported that 13 per cent of people questioned admit that they use a variety of building societies and banks to hold their savings.

Home improvement projects are not as effective in the winter months as they are at other times of the year, it has been stated.

People who are considering taking out a loan to cover the costs of renovations may want to heed the advice of Jason Orme, editor of Homebuilding and Renovating Magazine, who says that decorating in winter weather can cause paint to run because it cannot dry quickly.

"Traditionally it is a notoriously bad time for the housing market anyway and people, in the run up to Christmas, the last thing they want to think about is working on their house," he says.

Indeed, homeowners who are currently researching secured loans in order to fund work on their property may also want to take the time to plan how the money will be effectively spent.

According to a survey commissioned by IKEA UK, 18 per cent of households feel stressed and depressed about their homes.

However, the worry about where the finance will come to fund home improvements may be resolved with secured loans, although Britons may want to be aware that such loans are secured against their property.

Using a loan to pay for home improvements could result in energy bills being cheaper down the line.

Indeed, Britons who insulate their walls can save up to £160 a year on heating bills, according to Confused.com.

Draft excluders should be fitted to windows and doors in order to help stop cold air from entering a property, while insulating a tank with a jacket can see a homeowner reap the financial benefits quickly, the website continues.

"By making changes to the way homeowners currently run their homes can significantly reduce energy consumption and therefore energy bills," comments Gareth Kloet, head of energy for Confused.com.

Furthermore, he adds that consumers should shop around to find the cheapest gas and electricity suppliers which "can make a big difference to annual energy bills".

And while secured loans may cover the costs of energy-efficient home improvements, bolstering the security of a property may also require a cash injection.

Homes are 25 per cent more likely to be broken into on December 31st - when the house may be filled with expensive gifts - than any other day, Norwich Union claims.

Mounting credit card bills and mortgage repayments are leading Britons to a financial meltdown as they struggle to cope.

Such is the assertion of AXA, which says that 6.1 million people admit to having no savings at all, although taking out a small loan could provide a cash injection until a household's situation starts to improve.

Indeed, 707,637 Britons told the financial firm that they have taken out a secured loan in order to provide a boost to their coffers.

Commenting on the figures, Steve Folkard of AXA's My Budget Day, says: "The more aware you are of your problems and the more in tune to your financial situation you are, the better your chances of coming out the other end in good shape."

In related news, it was recently reported by the Metro that mistakes in the small print of some loans could result in millions of Britons claiming compensation for wrongly paying out thousands of pounds more than they should have.

UK businesses could find themselves receiving a financial helping hand from HSBC, which has announced that it is to provide £1 billion in support.

Short-term shocks such as the economic downturn may leave otherwise stable firms in a shaky monetary situation and the cash injection is expected to help resolve this problem.

Indeed, the bank notes: "The fund represents new money and will be funded from HSBC's own resources, allocated on a case-by-case basis using the bank's normal lending criteria."

But for Britons looking for ways to either get their company through the credit crunch or to cover the costs of a new enterprise or business improvements, secured loans could provide a cash pot to pay for such expenses.

And it was recently reported by Sean Gardner, director of MoneyExpert, that it is sometimes better to borrow larger amounts because the annual repayment rate (APR) may be lower.

People researching secured loans may also discover that the APR may be lower than other loans.

Mistakes in the small print of loans could see some Britons having their debts wiped out, according to a report.

The small print errors in loans between £5,000 and £25,000 may lead to millions of people claiming back thousands of pounds that they were unfairly charged, the Metro states.

And claims may be more successful if a loan was taken out along with payment protection insurance, the resource notes.

"There are undoubtedly thousands, if not millions, of other unfair loans out there still to be checked," Alan Kneale, of claims management website Unfair Made Fair, tells the report.

Consumers considering applying for secured loans in order to cover the costs of a large venture may be wise to check the small print before signing a deal with a lender.

Furthermore, Britons worried about which financial responsibilities need to be paid back first could be interested to hear the advice of specialist advice unit manger of Brighton's Citizens Advice Emily Ballantyne.

She recently told the Guardian that council tax and mortgage repayments should be put ahead of unsecured loans and credit card bills.

People looking to sell a property may want to first consider carrying out some home improvements, after it has been reported that mortgage approvals for October 2008 fell.

Indeed, a report by the Bank of England reveals that 32,000 mortgages were approved that month, 1,000 less than September.

Furthermore, the figure is lower than the previous six-month average, which stood at 38,000, highlighting how the credit crunch has impacted upon the property market.

However, house prices have also been affected, with Howard Archer, chief UK economist at HIS Global Insight, commenting: "An extremely weak set of Bank of England mortgage approvals and lending data suggest that house prices still have a long way to fall."

While the average price of a home during October was £165,529, this marked property values returning to a similar level as to what they were in the summer of 2006, the Land Registry discovered.

As such, individuals looking to boost the value of their home, whether they intend to sell or not, may want to cover such expenses with a secured loan, which may have a lower annual percentage rate than other loans.

The current economic climate has highlighted the importance of new businesses obtaining their credit reports, it has been claimed.

Managing director of Galapark Finance Bill Barclay states that a bad report could be the deal-breaker whether or not a new enterprise receives finance, news which may be important for firms requiring a loan to cover start-up costs.

As such, an incorrect credit report can lead to a business waiting longer than usual for a cash injection, he continues.

Commenting on the importance of obtaining a credit report before applying for a loan, Mr Barclay says: "The lenders do know that mistakes are made, but it takes so much time and hassle and nowadays, people can just go online and in some cases, they can sign up for subscription services for nothing."

Indeed, such advice may be important for individuals wanting to apply for a secured loan before starting a new venture.

According to the Federation of Small Businesses, there are 4.7 million small firms in the UK.

Households considering taking out a loan in order to cover any large ventures or December's festivities may be interested to hear that when it comes to borrowing, bigger is better.

Indeed, Sean Gardner, director of MoneyExpert, claims that it is often better to borrow large amounts, advice he notes that may appear as reckless during the economic downturn.

Furthering his point, he says: "It's certainly the case that one big loan beats several small ones, as generally the larger the loan amount the lower the annual percentage rate (APR)."

Secured loans may have a lower APR than other loans although homeowners may want to know that a property can act as security for the lender should the borrower stall on repayments.

Indeed, Jim Hodgkins, managing director of CreditExpert, urges Britons who do decide to borrow, to do so responsibly, as well as checking their credit report before they meet with a lender.

Homeowners looking to pay for expensive ventures this Christmas may find that they are struggling, after research has revealed that money saved goes straight back out to cover debt.

According to research by Unbiased.co.uk, for every £1 that Britons save, £1.24 is spent on paying off money owed, news which may lead some individuals to consider a loan to cover any expenses they expect to incur.

Indeed, winter home improvements, family holidays or a better quality car for the new year may have to be paid for with a secured loan, after saving levels have dropped to £19.3 billion in the third quarter of 2008, from £38.5 billion in the second quarter.

Commenting on the findings, David Elms, chief executive of the website, says: "But like everything, this trend has left its mark on consumer finances. With such a focus on paying off debt, the UK savings levels felt the repercussions and dropped to an all time low."

And in related news, the Citizens Advice Bureau recently reported that secured loan arrears problems are increasing, so consumers turning to such cash pot methods may want to check that they can afford the repayments before considering this financial option.

People with enterprises, no matter how big or small, may be wise to follow the advice of one sector commentator, who claims that businesses should not cut back on certain areas during the credit crunch.

Indeed, speaking at the Business StartUp show at the Olympia, London, Andy Cummins, managing director of CJV Digital, urged individuals who may have cut back on budgets to increase their response rate.

"Professionals are saying the last thing you should do is cut back on advertising and marketing and those who increase their advertising and marketing will come out stronger and will survive," he advised, although a loan could provide the cash pot to do this.

And the conference provided tips for people on how to finance themselves and stay afloat during the economic downturn.

Meanwhile, the Daily Mail comments that homeowners who take out secured loans will see their debt logged at the Land Registry.

Knowing which home improvements to undertake could save households money off their utility bills, an energy expert has claimed.

Indeed, speaking to the Guardian, Dave Hood says that insulating a loft can save £155 a year, while insulating a solid wall can cut £380 off energy bills, which could make paying for such work with a loan an attractive option.

As such, households currently without the disposable income to cover home improvements may be interested to discover that according to Mr Hood, paying for double glazing can put a further £110 into an individual's coffers.

"Cutting your thermostat temperature by just one degree will shave ten per cent off your heating bill. For a really skinny bill, pile on the layers and drop it to 18 [degrees Celsius]," he tells the newspaper.

Furthermore, it was recently urged by Simon Church, Midlands project officer at eaga, that not heating a property properly could lead to costly mould spots and an increased need for redecoration, which could be expensive ventures during the current economic turbulence.

However, secured loans may provide an accessible cash pot for individuals to dip into when renovating or improving a home.

While taking out a secured loan may be the option that some individuals choose to cover expensive ventures, one debt help organisation has urged consumers to avoid stalling on repayments.

Indeed, the Citizens Advice Bureau states that to avoid a financial festive hangover, people should not pile up debt and unaffordable bills in order to fund the holiday season.

Furthermore, Britons may wish to be aware that a secured loan could be secured against their home, meaning that should they stall on repayments, a lender may be able to take action.

Commenting on the yuletide expenses, John Rhodes, head of financial capability at Citizens Advice, says: "If you do find yourself in difficulties then seek advice as soon as possible. Make sure that you are prioritising paying the bills which keep you in your home, warm and at liberty."

However, secured loans could come with a lower annual repayment rate than other loans, meaning that so long as repayments are kept up, families may still enjoy a fun-filled Christmas without the worry of finding the cash to pay for it.

In related news, Sean Gardner, director of Moneyexpert, recently claimed that bank overdraft charges have increased over the past year to stand at £30.

With over a quarter of adults claiming that they are going to cut their Christmas outgoings by more than half of what they spent last year, some people may want to turn to a loan should they be unwilling to scrimp.

Indeed, 55 per cent of people questioned by Callcredit claim that they are going to reduce their spending, although women are more likely to cut costs than men.

And while 47 per cent of 18 to 24-year-olds told the website that they are going to spend less this Christmas, 60 per cent of those aged between 25 and 34 say this is a route they will take.

Commenting on the research, Owen Roberts, head of Callcredit, says: "Despite the recession and recent financial turmoil, Christmas 2008 should still be as fun and enjoyable as possible."

In related news, the organisation has recently advised people to pay off their debts before the festivities get underway, although a secured loan could provide the cash to clear money owed and cover the cost of Christmas.

However, individuals may want to be aware that secured loans can result in a lender provided with security in the form of a property, should the borrower stall on repayments.

Households could find themselves undertaking some costly home improvements, after one sector commentator has said that not heating a home properly could reduce its potential.

According to Simon Church, Midlands project officer at eaga, residents may find themselves with cold and mould spots and the need to redecorate more often if a property is not warmed up enough.

But while a loan may cover such expenses, he states that people on a limited budget will have to prioritise what home improvements they make.

"If you're not having to worry about a cold damp home then you will be slightly better off," Mr Church says, adding that a property may deteriorate as a whole if it is not properly maintained.

As such, research by the Royal Institution of Chartered Surveyors found that in June 2008, the average cost of home improvements had risen by a fifth over the past two years, while the cost of restoring a damp wall increased by 16 per cent.

But secured loans could provide a financial cash injection for homeowners looking to improve their property but without the current resources to do so.

Families who do not want to live fully frugally during the credit crunch are taking 'posh' camping trips and caravan holidays, it has been stated.

Indeed, Frances Tuke, spokesperson for the Association of British Travel Agents (ABTA), says that the Caravan Club saw a marked rise in business across the UK and Europe, although family holidays and any additional expenses may be covered by a loan.

"You know with all-inclusives how much your holiday is going to cost from beginning to end. We've seen quite a big increase in all-inclusive holidays this year and we suspect that will continue to happen too," she adds.

Furthermore, the organisation found that 47 per cent of people claim that they will not change their travel plans because of the economic downturn, although for individuals feeling the pinch, a secured loan may cover the expense of an extended trip this winter.

Meanwhile, 83 per cent of those questioned by ABTA who have recently gone abroad plan to do so again within the next year.

Whether it be a winter getaway or another expensive venture, such as the purchase of a holiday home or caravan, secured loans could cover such costs.

Feeling down in the dumps over festive finances may be one of the consequences of overspending this yuletide.

Such is the assertion of financial expert Jasmine Birtles, who says that Christmas should not be about misery brought on by households getting into debt to cover the costs of the holiday season.

Indeed, she says that she is pleased that people have been forced to take a check of their monetary situation, although a loan could cover the household expenditure of family festivities.

"All this spending has created misery. Not just after Christmas with the debt but at Christmas there is an empty feeling of disappointment and frustration," Ms Birtles says.

Furthermore, research from Lloyds TSB has revealed that 48 per cent of people feel that they cannot afford to be as generous this year as previously, although secured loans could pay for any expensive ventures this holiday.

Moreover, secured loans may have a lower annual percentage rate than other loans, which could be an attractive option for individuals looking at ways to fund that extra special present - such as a new car - or a winter holiday for the family.

Putting three months salary to one side may be a sensible option for individuals to take, according to one financial commentator, although taking out a loan could be another.

Indeed, people are thinking more seriously about their finances although half regret not giving the topic as much attention as they should of, according to Hetal Parmar, manager for savings at Alliance & Leicester.

Commenting on such findings, he says that if a household's car "breaks down or if there is a hole in the roof or whatever at least you have got something there to fall back on. I think more and more people are starting to think that way".

However, for individuals without the cash pot needed to cover such ventures, secured loans could be one way to pay for the expenditure.

Such a financial option may be even more attractive after Abbey discovered that disposable income has fallen by 29 per cent in the last two years.

But with disposable incomings reducing, people may want to research secured loans as a viable way to cover costs until their financial situation starts to improve.