Was it the banks, for extending too much credit?
Was it Congress -- for encouraging consumer spending to keep the economy going, and delaying credit card reforms until 2010?
Or was it the people who used their credit cards to get into debt?
And before you answer that --what would you be doing if you lost your job, ran out of unemployment benefits and needed money to feed your family?
Your thoughts are welcome here!
UPDATE 7/21/09:
Bank of America, the largest bank in the country, reported its default rate
jumped to 13.8% in June from 12.5% in May. Defaults, or charge-offs, are the
debts that a lender believes it will never collect.
No wonder they're raising rates, fees! Lots of people aren't paying!
Terry Savage writes a syndicated personal finance column for the 
