Saturday, March 22, 2008

Debt crunch hits the UK too

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.

2 comments:

dr debt said...

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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