And there is more bad news:
Data through April 2011, released today by S&P Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed an increase in bank card and second mortgages default rates for the first time in at least five months. Bank Card defaults went up from 5.59% in March to 5.91% in April and Second Mortgages increased from 1.42% to 1.51%.  
People are making the decision to let credit cards and second mortgages fall behind.  This is done to save first mortgages and autos.

Source here.

Mansfield Law Office