After three months of record declines, total US consumer credit posted its first increase in the month of June since the covid crisis, rising by a modest $8.9 billion, a number which has now been revised to $11.4 billion, and in the latest consumer credit report released by the Fed, in July total consumer credit rose again, increasing by $12.9 billion.

In total, July consumer credit rose at a 3.6% annual rate to $4.13 trillion according to the Fed's latest G.19 statement.

What was more notable, however, is that revolving credit - i.e., credit card debt - shrank once again, the 5th consecutive monthly decline, dropping by $293 million to just below $1 trillion.

This is the longest stretch of credit card deleveraging since the financial crisis, and confirms that in the post-covid world few are willing to go crazy and charge everything in sight. The date also confirms the latest BofA card data, which showed that while debit card usage is now well above year-ago levels, credit card-funded spending continues to decline.