In periods of prosperity, the relationship between creditor and debtor in the U.S. is generally as polite and stylized as a minuet. Now the minuet has become a danse macabre. Many consumers, trying to husband their dollars in a time of diminishing incomes, rising unemployment and ridiculous prices, are letting their unpaid bills pile up. Businessmen, strapped for cash themselves, are prodding tardy customers faster and harder than ever, while artfully dodging their own debts. Unable to collect their bills, many companies are paring down their operations, and some are simply dropping out of business.
The rapid proliferation of deadbeats...
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