Credit crunch effects?

Is anyone noticing any effects of the credit crunch on freelancing - particularly the web development/internet marketing side of things?

I'm thinking of making the jump to freelancing full time until my own business is off the ground. My current (IT) contract expires at the end of June and if the client don't extend it would be nice to have some freelance work lined up.

I was planning to go full time internet marketing be it freelancing for other people and/or my own business supporting me full time by this summer.

But with all the doom and gloom being forecast I'm wondering whether it would be prudent to focus getting an IT exam or 2 instead :nerd