Economy to worsen in England

I noticed this from The Telegraph

Somehow the British media isn't as optimistic as CNBC. OK I could the following "rather disconcerting",

" Britons’ total personal debt – the amount owed on mortgages, loans and credit cards – is, at £1.46 trillion, more than the value of what the country produces in a year."

and

"Total personal debt has risen by 165 per cent since 1997 and each household now owes an average of about £60,000."

This affects us all, London serves as a global financial center. This personal credit bubble is bound to burst, probably not just in England, concurrent with Meredith Whitney regardless of what Obama claims. So until interest rates go up, things are bound to get worse for stocks.