Consumer Credit Collapse

From Econoday: "June was a weak month for retail sales and it proved to be a weak month for revolving credit which fell $3.7 billion against what still is a rising trend. The initial outlook for July is positive given last week's very strong run of chain-store sales where gains were likely fed by credit card usage. Total credit outstanding rose $6.5 billion in June due to another strong rise for non-revolving credit of $10.2 billion. The gain for non-revolving credit continues to be driven by students who are taking out loans aggressively. The tough jobs market probably points to continued demand for student loans in the months ahead."