Is it the same in other countries?

same in US, variable rate interest mortgages are killing lower income households

Northern Rock, one of UK's biggest mortgage lenders dropped 22 percent on its share value today after emergency loan from Bank of England. Much economic expansion has been fuelled by consumer borrowing, and this now looks over. The global consequences could be serious. Especially if a few other possibilities are factored in - collapse of deriratives, hedges and futures; oil prices; panic selling; a terrorist attack. Experts say it is just a blip.