The evidence is piling up that American consumers are in deep trouble with credit. This latest report showed that deliquences across all consumers loans are at their highest rate since 2001 when we were in a recession. The highest number of deliquencies were present in housing and auto loans as home equity lines of credit have dried up; however, we are likely to see a continued rise in credit card problems despite more lenient financing terms.

From Mercury News:
Late payments on a cluster of consumer loans, including those for autos, home improvement and certain home equity loans, climbed in the summer to their highest point since the country's last recession in 2001. The American Bankers Association reported Thursday that the delinquency rate on a composite of consumer loans increased to 2.44 percent in the July-to-September quarter. That was up sharply from 2.27 percent in the previous quarter and was the highest late-payment rate since the second quarter of 2001, when the economy was suffering through a recession.