P Diddy's private jet has been grounded by high fuel prices.- Contributed

The credit crunch appears to even be biting into celebrities' bank balances. Rising gas prices and other living costs are forcing some stars to cut back on their luxurious lifestyles.

Hip-hop mogul P Diddy has been forced to ground his private jet because of rising fuel prices.

The 38-year-old entrepreneur, who also owns a record label, clothing and perfume lines, said he has had to stop using his Gulf Stream jet and instead use regular commercial airlines.

It was costing the rap mogul US$200,000 (£108,000) just to make two round trips per month between Los Angeles and New York to pursue his acting career.

On the video-sharing website YouTube, the multimillionaire 'bad boy', reportedly worth around $346 million (£188 million), vented his frustration in an airport lounge. He appealed to America's future president to bring fuel prices down.

"I am actually flying commercial. That's how high gas prices are. We need to do something about it, so tell who ever the next president is that we need to bring gas back down," he said.

Even his friend, hip-hop star Jay-Z, could be feeling the pinch. According to Yahoo News the entrepreneur recently sold his Las Vegas nightclub 40/40, bought last year, after failing to make a profit.

His former business partner Damon Dash is also feeling some pain. Dash is currently being sued by Eastern Savings Bank after failing to pay $78,504 (£43,000) in monthly payments for a pair of trendy condos from January to August, the bank claims. HeÕs also facing more than $10,000 (£5,000) in late fees on the $7.3 million (£4 million) cross mortgage that covers both Atlanta properties.

He was ordered to pay more than $2.1 million (£1 million) in taxes and $95,000 (£51,000) in unpaid rent.

Manuel Navarro of Money Management International in San Diego says celebrities are finding themselves in financial difficulty because their access to finance is warping their distinction between necessity and desire.

"The longer someone has lived on a high income, the harder it is for someone to cut back," he said.

'bad boy', reportedly worth around US$346 million (£188 million), vented his frustration in an airport lounge. He appealed to America's future president to bring fuel prices down. "I am actually flying commercial. That's how high gas prices are. We need to do something about it, so tell whoever the next president is that we need to bring gas back down," he said.

hip-hop star

Even his friend, hip-hop star Jay-Z, could be feeling the pinch. According to Yahoo News, the entrepreneur recently sold his Las Vegas nightclub 40/40, bought last year, after failing to make a profit.

His former business partner Damon Dash is also feeling some pain. Dash is currently being sued by Eastern Savings Bank after failing to pay $78,504 (£43,000) in monthly payments for a pair of trendy condos from January to August, the bank claims. He's also facing more than $10,000 (£5,000) in late fees on the $7.3 million (£4 million) cross mortgage that covers both Atlanta properties.

He was ordered to pay more than $2.1 million (£1 million) in taxes and $95,000 (£51,000) in unpaid rent.

Manuel Navarro of Money Management International in San Diego says celebrities are finding themselves in financial difficulty because their access to finance is warping their distinction between necessity and desire.

"The longer someone has lived on a high income, the harder it is for someone to cut back," he said.