Associated Press writers say, “Americans are falling behind on their credit card payments at an alarming rate…”. See Unpaid Credit Cards Bedevil Americans. Also see my article Credit Card’s Dirty Little Secrets.
The CNN article, November Foreclosures Take a Dip, may have some offsetting news. It seems “Home prices are falling and threaten to drop further through 2008. These trends could add to foreclosures because lower prices mean strapped home owners can’t tap into home equity as easily. Cash-flow shortages can leave them vulnerable. The states with the biggest foreclosure problems remain those from the Sun Belt, where high price appreciation during the boom years left many homes over-valued, and the Rust Belt, where collapsing industries have led to economic stagnation and job loss.”
The Bush administration has come up with a plan to help strapped homeowners facing a daunting jump in their monthly mortgage payments. But Clinton says it doesn’t go far enough. See article Bush To Unveil Plan.