Revision Key Points

Most of the revisions are in nonrevolving, but that impacts the totals.

Nonrevolving credit rose $1 billion in July, from a negative $22 billion adjustment in June. The Fed revised a reported $3.735 trillion down to $3.713 trillion.

In turn, nonrevolving impacted the totals.

Total credit rose $11 billion in July, from a negative $23 billion adjustment in June. The Fed revised a reported $4.997 trillion in June down to $4.974 trillion.

Nonrevolving Credit Implications

Assuming the data is accurate (unlikely) or at least the revision direction is accurate (likely), mortgage and existing home sales data is suspect.

Real (inflation adjusted) nonrevolving credit peaked in June of 2021.

Consumers have generally done a pretty good job of avoiding credit card debt thanks to three rounds of fiscal stimulus.

However, inflation kicked in and the stimulus money has been spent. The result is the steep rise in credit card debt as noted by the blue arrow. Let's hone in on that.