As I have implied throughout my posts I believe we are in a debt deleveraging cycle right now. (Look at the second graph for evidence) Longer term this is healthy for the country to 'flush out' the excessive credit built up over time. Unfortunately debt deleveraging means reducing ones current spending to repay all the previous spending (or defaulting on your debts) Either way it detracts from current growth.
This may explain consumer spending being more robust than the consumer credit numbers were showing. The consumers are still buying, they are just unable to pay for it :)