We keep hearing this from multiple sources, but the author of Credit Card Nation has also weighed in on a Dallas newspaper:
The first phase involved urban, low-income minority consumers who exhausted their consumer credit and had no other sources of funds to help them through their financial crisis, he said.
The second wave will come in the next two years and will take down high-income, middle-class suburban homeowners with mortgages of $200,000 or more, Manning said.
“Not only have they overpaid for their homes, but they’ve also refinanced their credit card debt when they refinanced into their mortgages,” he said. “These are the people who are going to run through their lines of credit.”