Consumer Credit Plunges By Record $21.6 Billion As The Main Driver For GDP Growth Says "Enough"

Tyler Durden

A record plunge in consumer credit, and the American middle class has just given the new and improved Obama-endorsed "spend spend spend" recovery and confidence plan the middle finger.

$6.1 billion decline in revolving credit, and a $15.4 billion drop in non revolving credit, on a $4 billion expected decline! June's decline was revised downward to a $15.6 billion reduction in credit.

Someone please spin how a record consumer retrenching is in any way benficial to America's GDP.

Consumer Credit Plunges By Record $21.6 Billion As The Main Driver For GDP Growth Says "Enough"

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• U.S. consumer credit falls a record US$21.6B in July (financialpost.com)