"Britain is still feasting on credit – and the next crunch will hit in 2016"

"Interest rates won't stay low for much longer. When the cheap loans end the result will be red-letter bills and repossessions"

Shop until you drop: Link to The Guardian

"Come with me into the near future. ... By early 2016, the era of record-low interest rates is over. Borrowing is getting steadily more expensive. And the result is starting to destabilise our entire economic model.

"... Step back and the big picture isn't even of three-quarters of a million British households unable to pay their way, but an entire country unable to do so. As research from the TUC and others shows, Britons built up so much debt during the boom because they weren't getting paid enough. National income grew, sure enough, but it largely went to those at the top.

"For the rest of the country, the model was simple: let them eat credit. The result is summed up by former head of the Financial Services Authority Adair Turner, in a speech this March:

"We seem to need credit growth faster than GDP growth to achieve an optimally growing economy, but that leads inevitably to crisis and post-crisis recession."