The Google search box might be a good indicator. Have you taken the type to type "not paying" in that little box? Notice the first suggestion is credit cards. Even Google understands people are not paying credit card debt. Some simply cannot. Some are simply not paying because of majority rules.
Whatever the case may be, July numbers declined. Wall Street rejoiced and the plastic giants saw their stock shoot upwards. Wait before you get terribly excited that the defaults are slowing.
The defaults will most likely continue as will the foreclosures. One day these massive numbers will dry up to what is a normal flow, but for the time being my caution is don't get too excited.