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Brits are being advised to find ways of budgeting during the credit crunch, rather than finding more cash in the short term.

The Consumer Credit Counselling Service (CCCS) says that by cutting out on luxuries which are normally considered to be "essential", people may find that they can avoid having to borrow money.

Likewise, people should check they are receiving all benefits and tax credits they are entitled to, rather than cutting back on important things such as insurance policies or savings accounts.

Tom Howard, a spokesperson for the CCCS, said that "hand in hand with this, people should always look to maximise their income if they really think they cannot cope on what they already earn".

According to the Bank of England, total consumer lending at the end of September was £2.4 million. Although this was higher than figures for August, it was lower than the previous six month average.

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