From Zero Hedge, As HELOC Delinquency Rates Hit A Record, Are Student Loans Next?

One gripe I have with this Zero Hedge article that claims there is no debt deleveraging, just defaulting going on, is that there is no conclusion as to what is really going on. 

I believe what is really going is the government and bank's desire to destroy people's credit rating rather than restructure debts without declaring a default.

That's what this is all about, banks REFUSE to restructure consumer debt unless the debtor is first declared in default, even if the tanking of the economy and loss of equity values that chain reacted into people losing their jobs was a direct result of wall street home securitization fraud investment schemes, banks and the government just don't care.

The universal loss of equity has wreaked havoc with people's own personal wealth to consumer debt ratios, once again requiring a debt restructure, which will only happen if the debtor is scarlet lettered with a downgrade of their own credit rating, first, and then the banks may talk about a debt restructure.