On the other side, households and other non-financial institutions, whose dire finance is at the heart of the crisis, have received very limited help. Loan modifications programs and fiscal measures to raise their income and restore their creditworthiness have been too small to deal with the massive size of their financial problems, as we discussed in an earlier post.

All of which would suggest that it would not take that much to engender a situation where the country experienced a widespread debt revulsion.

Great article on the US consumers attitude to debt and the risk the banks are taking with popular opinion.