The credit crisis may have began in the United States, but it is quickly spreading to the rest of the world. A recent study by PayPal showed that 20 percent of Britons use their credit cards to "take them out of trouble". Money High Street reported that 15.9 million Brits regularly go over their monthly budget by up to £123. However, unlike the United States, credit card companies in Britain are taking action. The number of credit card rejections was up 17% compared with the six month period to March 2007.

The UK economy is now shrinking and is expected to continue into next year, according to the Organization for Economic Cooperation and Development. The event marks the first time that a major international forecaster has explicitly said that Britain is facing a technical recession, which involves the economic contracting for two successive quarters. It is also the onl major economy in the world that will face a recession in the next six months.

According to the report, "Continued financial turmoil appears to reflect increasingly signs of weakness in the real economy, itself partly a product of lower credit supply and asset prices. The eventual depth and extent of financial disruption is still uncertain, however, with potential further losses on housing and construction finance being one source of concern. The downturn in housing markets is still unfolding, with reduced credit supply likely adding to pressures."