The credit crunch and rising interest rates are leading to higher mortgage bills for many home owners—and a tougher time paying them. But although most Americans (64%) think a tsunami of foreclosures in coming months would spell big trouble for the U.S. economy, only 27% say government should assist homeowners who can't otherwise make their payments.

According to a new Rasmussen Reports national survey on the subprime mortgage crisis and its aftermath, 57% believe that homeowners who can no longer make their payments should simply sell and downsize. Men are a little more likely to say so (61%) than women (53%). Men over 40 are somewhat more likely to say so (65%) than men under 40 (50%). And Republicans are much more likely to say so (74%) than Democrats (43%). Democrats, though, are split on the issue with 41% saying sell and 43% in favor of bailouts (see crosstabs).

This is consistent with an earlier survey on the mortgage crisis showing that 54% believe "individuals who borrowed more than they could afford" are to blame. Just 25% point the finger at Wall Street.

The Bush administration and some mortgage lenders have recently frozen mortgage interest rates for five years. The freeze applies to a small group of homeowners with adjustable-rate mortgages.

If the lenders don’t want to keep moving down this path, just 36% of voters believe the government has the right to stop lenders from charging the higher interest rates. Forty-one percent (41%) say the government does not have that right while 22% are Not Sure. Democrats are only a bit more likely to say Yes than Republicans.

A further big slump in housing prices would be a Very Serious problem for the economy, 32% agree. Thirty-five percent (35%) think it would be only Somewhat Serious, 20% say Not Very Serious, 5% say Not At All Serious.

The Discover Consumer Spending Monitor, based upon Rasmussen Reports survey data, found that just 51% of Americans expect to have money left over after paying their bills in December.

The Country Financial Security Index found that 81% of Americans are at least Somewhat Confident in their ability to pay all debts as they come due. Fifty-one percent (51%) rate their own financial security as good or excellent.

The Rasmussen Consumer Index, a daily measure of economic and consumer confidence, has recently dipped to the lowest levels in four-and-a-half years.

The Hudson Employment Index fell to its lowest level ever in November.

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