“It is clear to us that credit deterioration has moved into the credit card segment, across both the prime and subprime segments,” said Lehman Brothers financial services analyst Bruce Harting in a note. While we thank Bruce for that note it is safe to say that some Americans are struggling. Credit card deterioration did not happen overnight. Back in September we reported that people were trying to keep their credit cards current even if their mortgage was not current.

Times have changed. Even those considering a refinance or home equity loan are leary of predatory lenders. One website tells potential borrowers how to avoid predatory lenders, and how to tell if the lender is looking out for you. (see more) A look at those participating in President Bush’s bailout reveals that some have been charged with predatory lending. We are reminded that one, Ameriquest’s Arnall, was favored and in fact appointed as Ambassador to The Netherlands. No, things are not as they appear to be.