The consumer credit markets may be the final nail in the coffin for the US economy, sending it into the recession that so many economies were predicting. Problems began in 2005 when the US reformed its bankruptcy laws and made it more difficult to file. This resulted in fewer defaults, which meant that lenders could afford to send more money to questionable borrowers. Unfortunately, this caused a bubble in both the mortgage and consumer credit markets and only one has exploded so far... Rising defaults in the consumer credit markets may be a signal that we are at the crest of a new wave of problems for financial institutions in the US.

From the AP:
Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come. An Associated Press analysis of financial data from the country's largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears.