As long as you're not reducing the size of the field, for example reducing a varchar field from 20 to 10 characters, or you will lose some of your data within that field.
Same with numbers - if you reduce the number of bytes/size of the field, the number will be mis-represented.
If you're increasing the size of the field, then there shouldn't be a problem. If you want to be really sure, create a blank table with the correct definition then copy your data across.