In Bailout Nation, only the stupid honor their obligations.
1) California's latest mortgage foreclosure moratorium, wherein if you stop paying your mortgage, you will be able to live in your house rent-free for at least a year. Imagine the money you'll save! For you non-Californians, don't fret; federal pressure and bank incompetence mean you'll get a similar rent-free time period even without an official moratorium.
2) Let's Make a Deal on credit card balances. The story notes someone who got 50% off a few thousand dollars. I personally know of others who have gotten far more than 50% off significantly larger balances. If you carry a significant balance, call your bank and tell them you can't make any more payments. See what they offer, and then ask for more. If they don't give you a good deal, stop paying for a couple months and then watch them beg.
If you still are paying your mortgage or credit card balances, look around the room. YOU are the sucker!