Credit crunch?

In the UK the banks have been racking up bad debts on credit card lending. Easy credit was extended because it was so profitable. The banks have called for borrowers to
be responsible and actually pay the money back. It is surprising how difficult this
has been given the levels of record employment in the UK economy. For instance,
HSBC lifted its British unsecured bad debt charge by 5 pct to £380m
for its 2007 interim results. Obviously, future growth in the British economy will be
affected if the banks cut down their lending in this area.