We are seeing that in the data (Graph 8). It also implies faster debt amortisation, which may have implications for credit growth. 10 / 13  BIS central bankers' speeches  There is a risk of a further tightening in lending standards in the period ahead.
This may have its largest effect on the amount of funds an individual household can borrow, more than the effect on the number of households that are eligible for a loan. This, in turn, means that credit growth may be slower than otherwise for a time.