Credit Card Debt Crisis in the Wings?

That's the latest chatter. My suspicion is that it's already ON and is part of the reason this meltdown is so much worse than all but the grizzlies were predicting.

Other thoughts on this:
1. The credit card debt backed securities have ALREADY tanked and the investment banks that held them have gone under. They might even be undervalued at this point.
2. The banks with heavy exposure in this game are the aforementioned Big 3 uber banks who, as we speak, are getting bought into by the Treasury and are allowed to sell their bad mortgage debts to the government over the next few months.