What a shock... The very wealthy 1% are buying villas instead of mansions while many Americans live off their credit cards.

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.

Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for an already sputtering economy.

Seems like the credit card industry used a crystal ball to write that nasty Bankruptcy bill. Actually it was just a little common sense.