Sunday, January 13, 2008
“The days of cheap credit are well and truly over”
" For more than a decade, shoppers have turned out, month after month, to spend their hard-earned cash, driven by the whims of fast fashion and the interior design tips proffered by home makeover programmes. But living costs are now rising faster than any time in the past decade: so whether it's filling the tank, your monthly mortgage payment or a trip to the supermarket, the spare cash we used to burn in Topshop or on the latest album release at HMV is dwindling. 'I think the days of cheap credit are well and truly over, and we're just at the beginning of seeing how scarce credit can actually be,' agrees Karen Ward of HSBC"