Are you privvy to more detailed industry info, Martin? I just ask because from news stories, it's not clear to me what August's consumer debt numbers actually represent. For one thing, from what I read, most of the decline is in auto loans, and I've been hearing that banks are getting quite picky about handing out new auto loans. So maybe the oustanding debt is lower because fewer new car loans are being made than usual? Or people paying down/paying off their car loans faster.

On the credit card side, people could be charging less (I'd laugh but wouldn't be surprised if the reduction in credit card debt is offset by an increase in debit transactions. "Charging $100 for that new hand bag on my CC is bad. But by using my debit card, I'm being responsible when I buy that oh-so-cute bag for next week's party!" People have such weird financial logic sometimes.). Or they could be paying down/paying off the CC balances faster. I've also read that some people are getting their credit limits lowered by the banks lately. Wow, when's the last time anyone ever heard that happening?

And I believe that student loans also fall under the "consumer debt" umbrella. I've also been hearing that student loans are harder to come by lately, too. The start of the new school year might contribute to an August dip. I'm wondering how many students weren't able to attend classes this fall because their student loans didn't come through? It's unfortunate that higher education in our country requires so much debt. Even community or junior college isn't that cheap unless you're working and going to classes at the same time.