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More than half of all British consumers plan on cutting back their spending during 2008 in order to limit any potential debt problems, a new report claims.
Worst hit will be luxuries such as going out and entertainment, with 32 per cent of consumers cutting back as a result of tightening finances.
MoneyExpert`s poll found that over one-in-five people will now not go on the overseas holiday which they had planned, while 12 per cent will not buy the car which they were eyeing up.
The company`s Sean Gardner said: "The credit crunch is moving on from being something that just affects bankers to having real effects on real people in the real economy.
"There is however a risk that we could talk ourselves into a recession by panicking unnecessarily."
According to figures from Credit Action, the UK`s total personal debt has increased by 8.9 per cent in the 12 months to the end of February.
