People get hooked on the "easy credit money" lifestyle and can't comprehend it is over. Not until it is too late to save the house anyhow.
I guess they might as well enjoy the last days of the debt party. The rest of some of their lives will be pretty mundane. They never had it so good.
What the report misses is that unemployment or underemployment will be the next leg in the downturn which will force at least twice the original number to the wall.
I am already hearing of people on casual rates getting their hours reduced.
