Skip to main content

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:

Originally posted to Captain Janeway on Tue Jul 27, 2010 at 04:23 PM PDT.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site