It seems Banks are taking heed of warnings over unsecured debt by Mark Carney, after official figures showed lending conditions are at their toughest since 2008.
The Bank of England's credit conditions survey showed almost 30 per cent of lenders expect to reduce the amount of unsecured credit available to households, the most since the third quarter of 2008.
However, the survey also showed demand for unsecured credit, lending which isn't classified as mortgages or car loans, has barely risen.
Meanwhile, secured lending jumped by 40 per cent, according to the survey.
"What a spectacular U-turn by the banks," said Mark Dyason, from lending broker Thistle Finance.
"Not so long ago they were lending left, right and centre at tantalising rates, and now they are turning the taps off with similar enthusiasm."
The news follows repeated warnings from Threadneedle Street over the volume of unsecured lending in the UK economy.
In July, after figures showed consumer credit had continued on its upward trajectory, it asked lenders to provide details on exactly how they approve loans.
“The spiral continues and borrowers rack up more and more debt,” said Alex Brazier, the Bank's financial stability director.
“Lending standards can go from responsible to reckless very quickly... Lenders have not entered, but they may be dicing with, the spiral of complacency.”