Total Credit decline from $2,475 billion to $2,463

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Two things:

1. Sales remain soft.
2. The federal deficit spending facilitates the same amount of sales with less credit.

>   (email exchange)
>   On Sun, Jul 12, 2009 at 9:20 AM, Dave wrote:
>   Yet another month where the decline in consumer credit comes in worse than
>   expected: Total Credit decline from $2,475 billion to $2,463, with the bulk
>   of the $12 billion decline consisting of Revolving Credit reduction, or $10
>   billion, to $900 billion. Total consumer credit is now back to July 2007
>   levels… and the decline has yet to decelerate. This is the seventh straight
>   month of consumer credit declines.