As New Jersey rocker Bruce Springsteen crooned, we’re Goin’ Down.
According to the Bank of England, household unsecured credit availabilty sank to its lowest level in 10 years.
While household secured credit availability was also in negative territory, it was not as bad a unsecured credit availabilty. The reason? Consumer lending curb to slowdown a hot market.
The US bank credit market is slowing as well.