Consumer borrowing dropped $9.5 billion in August + Contracts Due to Student Loans

[mEDITate-OR:
assume that "The Headlines" are telling you The Truth
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However, as EconIntersecs points out...
Student Loans were MUCH lower than before.
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It is student loans which distort the analysis as they grew ONLY 55% year-over-year this month
– down from a 70% annual growth last month.
Student loans this month were over 14% of total credit
– and accounted for one-half of consumer credit growth.
In some previous months, it has been literally the entire growth of consumer credit
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Why? What Happened?
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Consumer borrowing dropped $9.5 billion in August

largest amount since April 2010 

http://www.cbsnews.com/stories/2011/10/07/ap/business/main20117389.shtml

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August 2011 Consumer Credit Contracts Due to Student Loans

http://econintersect.com/wordpress/?p=14184

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