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 Many people in the UK are changing the way that they spend money in the wake of the credit crisis according to a survey by Fairinvestment.co.uk.
Due to the credit crunch 23 per cent of Britons are planning to cut back on luxury products, while 16 per cent of those who took part in the survey will forego having a holiday in order to save.
Britons are having to give up their luxuries so that they are able to pay their mortgages and household bills.
Director at Fairinvestment.co.uk David Doulton expressed surprise at those who have not changed the way they spend.
Mr Doulton said: "As we have seen over the past few weeks, the housing market has, so far, been the worst hit by the credit crisis; lenders have rapidly been pulling their best deals, and the structure of mortgages has been re-arranged to include fees and abnormally large deposits."
With consumers under pressure, it could be that the number of repossessions will rise in the near future.
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