Or rather is: it is the US government handing out unrepayable student and car loans, even as the general consumer is widely deleveraging. Looking at the numbers: of the $13.7 billion in total consumer credit created in September, $15.8 billion (no, it's not a typo) was non-revolving credit, i.e., auto and student loans. The remainder, or ($2 ) billion, was yet another month of credit card deleveraging, as the bulk Americans can only buy "stuff" if it comes with the implicit provision that the credit will never have to be repaid, such as when it comes from the most insolvent entity of all - Uncle Sam.