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.

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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.

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The USA does have some similarities with the UK other than clocks.

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