Not Paid

All of the factors are quite in place for defaults on existing debts to occur. Consequently banks are being pinched not only from housing foreclosures but also from credit card and car loan defaults. 600,000 people laid off per month will do that.

People that have jobs are saving more and spending by being penny wise and not pound foolish. In some ways I have to say, I support this. I like economizing. There's too much junk out there, people often buy less quality and more quantity, and as a result we have landfills topped with waste. We don't need that. Be picky, be careful, and do save, this is good.

Our residences are nice when they are a little more open and spacious. less filled with junk. Its just one opinion of course.

Reuters: U.S. consumers missing more debt payments

...consumers are missing payments on mortgages, credit cards and auto loans, prompting lenders to further scrutinize borrowers' profiles for signs they should clamp down on credit.

The personal saving rate surged in December to 3.6 percent of disposable income, the highest since May, from 2.8 percent in November, the Commerce Department said on Tuesday.