Note the trend:

Don Schlagenhauf, chief economist for the St. Louis Fed’s Center for Household Financial Stability, and Lowell Ricketts, the Center’s senior analyst, analyzed consumer credit data and found that a decline in housing-related debt offset growth in other types of consumer debt during the third quarter.

“The latest data suggest that overall growth may have stalled, despite robust student and auto loan borrowing,” Schlagenhauf and Ricketts wrote.