So much for the subliminal plan to get consumer to spend, spend, spend... Instead it seems the recent trend of save, save, save is picking up steam. The latest G.19 filing shows a massive drop in both revolving and non-revolving consumer credit, which has fallen to a one year low at $2.551 trillion, an $11 billion reduction sequentially in credit, split about even between revolving and non-revolving.
It is shocking, shocking that with unemployment breathing down everyone's neck, people are actually paying off their credit cards.
That great sucking noise is the 10 remaining Centurion cards sucking the life out of whatever imaginary green shoots the MSM is smoking.
and a good way to visualize this from a longer, second derivative (hey CNBC, there's the keyword - we make it easy for you) perspective:
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