Yesterday, Wed 16th Dec, the US Federal Reserve raised interest rates.

http://www.federalreserve.gov/newsevents/press/monetary/20151216a.htm

The Federal Open Market Committee has raised rates for the first time since 2006. The impact of this, is very clear, imagine having debt that is denominated in US Dollars, now the cost of servicing that debt has gone up . If you have cash, say outside the US, in a currency that is NOT in US Dollars, it is now potentially more lucrative to move the money to the US to gain on the upward interest rate.

This now signals an end to cheap credit. The risk is now that rates are on an upward trajectory, those carrying heavy debts will have to pay higher interest payments.