Just as one credit bubble has burst.....

One in five Americans expects to have to go into debt this winter just to stay warm.

"Heating bills are rising at a time when utility companies across the country are broadening electronic payment options for customers, including allowing credit card payments for utility bills. Personal finance experts say paying for basic living expenses with credit cards makes sense only if you pay off the entire balance each month. They also warn that carrying a revolving balance encourages people to live beyond their means while racking up interest charges that can plunge families deeper into debt."

If one looks at the numbers, a new credit bubble might be forming, as heating bills aren't the only thing that's going up. In the "UK, FOOD prices are likely to carry on rising after a year when floods, drought, biofuels and a growing appetite for milk in China have taken their toll on our weekly grocery bills." And in America, it's been the most expensive year in food prices in nearly two decades.

So it's increasingly looking like we are gliding into a future where those in the developed world will now be forced to reach for their charge cards for such extravagances as keeping warm, keeping food on the table, and (lest we forget the housing bubble) a roof over our heads...