Consumer credit update

Consumer credit data was recently released and the deleveraging continues.  This time I've shown the change in consumer credit over the entire data series so one can see how infrequently consumer credit declines.

The rate of decline is turning around, or so it seems.

This next graph shows a slightly different story (Thanks to @dafowc of declineandfallofwesterncivilization.blogspot.com)

Remove lending by Sallie Mae and the Federal government and the rate of decline has not been arrested.  Furthermore you can see this is a new phenomenon.

Very curious . . .