From MarketWatch: May consumer credit down in fourth straight month
U.S. consumers reduced their debt in May for the fourth consecutive month, the Federal Reserve reported Wednesday. Total seasonally adjusted consumer debt fell $3.22 billion … Consumer credit fell in eight of the past ten months. … This is the longest string of declines in credit since 1991. Credit-card debt had the biggest drop in May, falling $2.86 billion, or 3.7% to $928 billion.
This graph shows the year-over-year (YoY) change in consumer credit. Consumer credit is off 1.8% over the last 12 months. The record YoY decline was 1.9% in 1991 – and that record will be broken over the next couple of months.
Note: Consumer credit does not include real estate debt.