Consumer credit has fallen an unprecedented 7 consecutive quarters. Moreover, credit is poised to plunge further as consumer spending plans are falling through the floor. Bloomberg reports Consumer Credit in U.S. Declined More Than Forecast.Consumer borrowing in the U.S. dropped in May more than forecast, a sign Americans are less willing to take on debt without an improvement in the labor market. The $9.1 billion decrease followed a revised $14.9 billion slump in April that was initially …

Go here to read the rest:
Consumption Inflection Point – No One Wants Credit; Consumer Spending Plans Plunge