Consumer Credit Directory – credit application

I been watching the American consumer for the past 7 years. I remember the crash of 2001 in the stock market and how people lost a lot of there money in the market at that time. Then I saw the resurgence of the consumer after housing prices started to gain by double digits from about 2002 -2005.
Now I have been watching the Dow and it’s record setting pace for the last 2 years and everything for the most part looks to be hunky-dory on the surface. But I can’t help feeling that America is heading for a fall and a big one at that. Why you ask? It’s just some data I been looking at lately on the web.

1. U.S. Housing Sales to Tumble to Six-Year Low on Rates (Update3)

Bloomberg.com: News

2. May consumer credit rises $12.9 billion
May consumer credit rises $12.9 billion – Yahoo! News

3. BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT OF 2005
Bankruptcy Reform Act of 2005

I just have this feeling that because of the slump in housing (Most people biggest asset.) tied to a increased use of high interest revolving debt coupled with a lot of middle class not being able to file for bankruptcy, that the American consumer is in for a bad fall.

I do take into account that a lot of jobs are being created but I don’t know what types of jobs are being created? Are they good paying jobs? Or are they low paying jobs? Maybe you know.

Anyway do you fell that I’m founded in may fears? Or am I pessimistic for no reason.

Thanks in advance for all that answer.

IAN