UK consumers are even more indebted than those in the US according to this New York Times report. The story in the UK: In the past there has been plenty of debt available, rising house prices and an obsession with home ownership. Economic prosperity has meant caution has been thrown to the wind - spend now! Now growth is slowing, property prices are falling sharply and debt is scarce and increasingly expensive.Sounds very much like the current situation in Australia - the only thing we lack as yet is the serious decline in house prices - we are certainly experiencing the same credit crunch.
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1 comment:
Love the photo! I can tell you from experience that the credit/debt cruch has well and truly hit the UK. The property price have not yet fallen sharply, but they have slowed to a stop & it is probably only a matter of time. "America sneezes & the world catches a cold..."
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