By Ellen Chang Banks fear that consumers could default on loans and credit card payments. Banks are shoring up their provisions against credit losses on fears that consumers could be late paying, or default on, loans and credit card bills. Fears of a recession continue to increase as interest rates have risen rapidly. The Federal Reserve, which has raised interest rates 3 percentage points since March, is expected to hike rates by 0.75 percentage point in November and possibly 0.5 or even another 0.75 point in December. Banks are preparing as Main Street has been hammered by sharp inflation; c…