Overall, total consumer credit rose at a 5.3% annual rate in April to a new all time high of $4.238 trillion.

What was most notable about the April data, however, is that revolving credit actually declined by $1.96 billion to $964 billion, well below the record high of $1.094 trillion reached in December 2019.

This however was more than offset by yet another burst higher in nonrevolving credit (auto and student loans), which rose $20.6BN to $3.274TN, a new all time high.So after this latest shift in spending patterns, which took place after two months in which we said that "things are now indeed back to normal" as "consumers were spending not just using their debit cards (which is where the stimmy checks arrive) but their credit cards" ostensibly once again "highly confident about the future, and are spending far beyond their means", something changed in April when perhaps as the bulk of the stimmy payments has passed, Americans are once again slowing down their credit-funded spending.