Why 10% may be a major bomb on consumer credit

http://globaleconomicanalysis.blogspot.com/2009/01/bankers-worst-nightmare-materialize.html

Excellent post from Mish. It is clear no one is preparing for what looks like a major unemployment event. With the charts in a accelerating motion it looks like 10% may not be the peak. I would not be surprised to see 12% by the end of 2009.
10% would cause all Credit companies to sustain more losses than we have seen so far.