Business Services Industry
Bank of England fears credit crunch.
Knight Ridder/Tribune Business News, December, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 13--The Bank of England sounded another alarm to over-stretched borrowers. It fears that individuals face a credit crunch if banks clamp down on high risk credit card lending.
Household debt has soared to 140 percent of aggregate income in the last two years, more than in the US and most large European countries.
Unsecured lending -- such as credit cards and overdrafts -- increased much faster than mortgage lending in the last six months, and now stands at 18 percent of British banks" lending to consumers.
In its latest Financial Stability Review, the Bank points out that if High Street banks try to lower the risk to their own business by making it harder for borrowers...
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