Drivers make credit crunch cutbacks

As the effects of the credit crunch continue to spread from the world of high finance to the everyday consumer, motorists are increasingly making car-related savings, according to new figures.

Around 86% of people said they had made changes to save money, with these ranging from not using their car and eating out less, to taking on second jobs, according to high street bank Abbey.

A further 12% of people said they planned to take on an extra job to raise additional funds, and 30% plan to sell some of their possessions.

Others are taking more drastic action, with 4% planning to be volunteers for medical research, while 3% are considering selling their car due to rising fuel prices and the same proportion plan to pawn some of their belongings.

Phil Cliff, director of Abbey Mortgages, said: "With over 80% of Brits taking measures to save money and earn extra cash, it's clear that belts are tightening all across Britain.

"Careful financial planning and budgeting can help combat the effects of rising inflation, and everyone should ensure that they are shopping around for the best financial products."

ICM questioned 1,041 people during July.

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