14  Note that cash-out refinancing – like HELOCs and home equity loans – can also be used in a similar way to consumer credit, which is not included in the chart. 8  BIS Review 78/2009  this type of lending did not contract in the 1990-91 recession but has contracted since the peak of this cycle.
Apart from home mortgages, the drop-off in credit in the 1990-91 recession was notably more severe than what has been experienced so far in the current downturn. There are two possible reasons why this might happen.