When in Doubt Cut Spending

Consumers Cut Debt By Record $21.6B In July : NPR

Interesting that economists missed this so badly. They predicted that consumers would drop their demand for revolving credit by $4B. The actual decline was $21.6B. It sure would be nice to see consumers get household debt under control. Unfortunately, the pullback is probably b/c would-be spenders simply have no choice. Most folks scale back spending (and use of consumer credit) when their income and/or confidence is low.

With consumer debt at $2.47 TRILLION we have a long way to go.

Still America has recovered from much worse and we will recover from this.