Except for the idiots borrowing to go to school [who] are going to find that they will never be able to pay it back, having bought into the Kool-Aid (and who will be destroyed by it), the actual non-revolving debt acceptance was down at a 58% annualized rate of change!Well then.
That's not a decline -- it's a collapse.
Here's the supporting data (assuming Federal owned consumer credit is all student loans).
For those that like ranting... enjoy as I turn it back to Karl:
While the "pumpers" all said that strong auto sales were part of the recovery, that's a lie; "finance companies" (which include GMAC, Ford Motor Credit (FCZ), etc.) declined at a nearly 6% rate for the month, which on an annualized basis is just plain nasty.Source: Federal Reserve
"Positive surprise"? Oh hell no. Not only are consumers shunning credit cards, they're shunning credit of all types -- except for young people, who continue to be bamboozled into taking on debt for a so-called "education" into a collapsing credit, salary and employment environment.