The credit crunch may be hurting our wallets, but many Brits are taking a pro-active approach and are doing something about it. 86% of people are tightening up their financial belts in order to protect themselves from debt.

According to a study by Abbey Mortgages, 30% plan on selling their belongings in order so that they can help to manage debt levels and avoid the sting of the credit crunch. 12% are also seeking to take on a second job so that they can keep up with living costs.

Phil Cliff, Director of Abbey Mortgages, commented: “With over eighty per cent 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.”