People going to their banks for a loan or credit have been warned that many are not going to be offering their customers as much credit as on previous occasions.
Fool.co.uk claims that some Brits are likely to get a shock in the new year when the amount of credit made available to them is cut.
This may also mean that although people may think they are within their credit limit, their bank may have started to reduce this and they could end up in the red without realising it.
David Kuo, head of personal finance at Fool.co.uk, said that "banks are actually cutting back on people's credit card limits and they are cutting back on people's overdrafts".
This means people "will have no option but to actually start paying that off", he added.
MoneyExpert.com recently claimed that the number of people applying for interest-free credit cards rose by more than 15.6 per cent in November 2008
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