Personally, I don't see it happening. I think it's terrible the credit card debt that people have gotten into, but I don't think it will crash. Why? How hard

Personally, I don't see it happening. I think it's terrible the credit card debt that people have gotten into, but I don't think it will crash. Why? How hard is it to make minimum payments on a few credit cards? A hundred a month? Credit cards have terms that allow borrowers to just keep going. Typically, it means that people end up paying way more than they should, but in this case it also means that they're unlikely to default. Plus, what are credit card bills as a percentage of one's budget? Usually a much lower percentage than housing. So, it would be easier to pay credit card bills than mortgage bills even if they were to be on the same terms. The level of credit card debt is very worrisome and I hope people reevaluate that situation, but I don't think we're going to see massive default rates simply because the way that credit card agreements are structured allows the borrower to make very low monthly payments for a long time rather than creating a confrontation that could lead to default (as mortgages do).