I can't help but think that there's still (at least) one big shoe to drop in all of this, Credit Card debt. Depending on what data you believe the average American household carries somewhere between $8,000 - $10,000 in revolving debt. My wife and I have always made it a priority to carry $0 revolving debt. We don't put anything on a credit card we can't pay for immediately. I get the distinct impression that we are in a very small minority.
And once again a fair portion of the blame lies with what is essentially predatory lending practices. I carry only two credit cards (Discover and Visa) and between the two of them I probably have ~$50,000 in "credit". That seems outrageous to me. My wife and I both make a decent living and probably fall just a bit above the middle of the middle class but it's absolutely inconceivable that we could afford that kind of debt. Granted, there has to be some level of personal responsibility that kicks in and keeps you from being an idiot but giving someone that much rope doesn't sit well with me.
Ugh, I hate thinking about this shit.