More often than not, nothing happens later and borrowers might wonder why they paid more then rather than now.
However, what's happening now in the markets is different. Borrowers that have their debt in place are sitting pretty - particularly if they locked in cheap funds during the golden era of 2004-2005 - while those needing to refinance might have problems.
Just ask HBOS, or Macquarie.
As this FT article notes, three of the top five bond houses are now gone, and banks' liquidity is drying up faster than my local pub on a hot summer's day. Less liquidity means less debt means tough times ahead for those that have relied on cheap funds and still need more.