Consumers may find that credit is not easy to come by as banks tighten their lending conditions, it has been suggested.

Banks may have a lot of money, but this does not mean it is readily available to those who want it, said David Kuo, director at the Motley Fool.

"I think the reason for that is, the banks are fearful about lending money and then not seeing the money come back," he advised.

Higher rates of unemployment mean people are defaulting on their debts, Mr Kuo continued, which will in turn dissuade banks from lending them money.

Some groups will therefore find it difficult to get access to credit cards and mortgages and other products they may rely on to sustain their living, he added.

Figures from Credit Action show total consumer credit lending to individuals at the end of April was £232 billion, which has continued to fall to 2.9 per cent over the last 12 months.

Total lending in April grew by £1.3 billion, while secured lending grew by £1 billion in the month.