For The First Time Since COVID Crash, Credit-Card Debt Shrinks For Second Month
On the surface, there were no major surprises in today’s consumer credit report: after last month’s $5.1 billion increase, consensus expected a sequential increase of $7.5 billion and it got almost exactly that: an increase of $7.37 billion to $3.758 trillion, up from $3.749 trillion in May.
However, taking a closer look at the components reveals something troubling.
While boring non-revolving credit increased by $8.4 billion or more or less in line with what it has done in recent months…
… an increase that in Q2 was driven in roughly equal part from contribution in student loans (+8.2BN) and auto loans (+$5.1)…
… the surprise was in the amount of revolving loans, i.e. credit card debt, which declined by just over $1 billion in June, which was the second consecutive monthly drop in the series…
… which is very notable because that would make it the first time since the economic collapse at the peak of the covid crash.
Which begs the question: is the a cause - i.e., will the economy now suffer a sharp slowdown with consumers clearly hunkering down and no longer charging it - or effect - has the economy already stalled and this is just the consequence. If indeed this is the latter, then expect a dramatic downward revision of all recent economic data, similar to what we saw last week with payrolls, as the US economy enters its new glideslope to a recession.
Tyler Durden Thu, 08/07/2025 – 16:40
Source: https://freedombunker.com/2025/08/07/for-the-first-time-since-covid-crash-credit-card-debt-shrinks-for-second-month/
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