Consumer credit (SA) came in at $2,418.9 billion, a decrease of $3.6 billion from a revised June number of $2,422.5 billion. The decline came exclusively from revolving credit totals, which dropped from $832.2 billion to $827.8 billion, even as Non-Revolving credit increased yet again, as the government is making auto loan almost as easy as taking out a 150% LTV loan from the bankrupt FHA. And speaking of the government, take one guess which holder of consumer credit was the only one to see another sizable increase in the month of July.... Correct: the Federal Government, which increased (once again) from $222.6 billion to $227.0 billion, even as all other holders of consumer credit declined (especially the Pools of Securitized Assets category as the shadow economy continues to shrink), or were flat, as shown on the chart below. So far the government is able to force (non-revolving) credit down the throats of consumers. Soon, even that will end.
The chart below shows monthly (NSA) changes in consumer credit by holder from April through July.