In just a few short months we've gone from the extreme of having people falling over themselves to sign you up for a mortgage or other form of debt to an extreme shortage. Quite strange and indications of a tough rest of year. Add to that the oil and petrol prices and things are not looking quite so rosy for the UK economy.
Increasing debt, repossessions, and presumably rising unemployment and business failure. Have we just had it too good for too long, and now this is the payup time? Would things have always been this way had we not had historically low interest rates.
One thing I'm pleased about, it's the banks who are feeling the pinch first. They are going to have to get used to lower profits for years to come, and many are now forced to devalue their stock with share issues. It has been a long time coming but the economy is going to go back to valuing cash and not credit.
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