This is a short diary to just to report some of the default rates for the most common consumer debt vehicles.
This data comes from Experian, and is available through Standard & Poor's here.
As you can see from the chart, it appears Americans are still the most vulnerable when it comes to credit cards, or they are choosing to pay the mortgage over the credit card. I'd like to also think the current administration might have had an affect on the mortgage default rate, but I don't know if there is any solid evidence that anything that's been done so far has reduced the rate of default (not that he's not trying to).
However, I suspect that credit card companies are attempting to get shaky customers to default so they can lock in extortion fees and rates, before the effects of the consumer protection agency that is supposed to help protect consumers from predatory financiers.
The financial meltdown has damaged us all. I am going to let my man Kevin here play us off. He reflects many of my feelings about what's happened in the last 3 years. This is what happens when people's dignity is taken from them.
Take it away, Kevin: