I wish it were output or savings rising at 10%, but it is revolving credit.

Analysts thought consumer credit would rise by $4 bil in June. Actual number: $10 bil!
CNN story

Are people using credit cards in place of their HELOCs? With housing flatter, and more difficulty qualifying for mortgages and HELOCs, are consumers starting to substitute credit cards for MEW? Didn’t mortgage refinancing go up last month too? This data supports the other study showing that spending as a percentage of disposable income rose from 40% in the 1950s to 108% today.