Borrowing money ‘will soon be more difficult’

Borrowing money will become more difficult for would-be credit consumers across the UK in months to come, the chancellor Alistair Darling has made clear.

With millions of people around the country struggling to become debt free, Mr Darling has warned that loans will be less easy to secure as a result of the so-called credit crunch that was seen earlier this year.

Lenders will tighten their acceptance criteria in an attempt to avoid dealing with people who will not be able to maintain their debt repayment requirements, Mr Darling explained.

He told BBC Radio 4’s Today programme: “As I said before people should be cautious about lending money if they can’t be sure they would get that money back.

“Because of what has happened there is bound to be more caution in relation to lending.”

Millions of consumers across the UK use loans to consolidate their debts, which Robin Amlot from Moneyextra.com described recently as a sensible option.