I've been using Irving Fisher's term "debt deflation" for some time now, because that's the most accurate label I've found. We puffed up a huge bubble of debt in the US, and now it has been popped and it will deflate.

If you've not read Fisher's seminal paper on debt deflations, I highly recommend it to everyone, because it accurately describes what is going on today:

http://fraser.stlouisfed.org/docs/meltzer/fisdeb33.pdf