"The Federal Reserve said Friday that consumer borrowing dropped..."The weakness in December reflected a big 7.8 percent decline in the category that includes credit card debt..."
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The full significance of this drop is that this includes households that needed to increase credit use due to layoffs. This means those with jobs are cutting back on card use even more than the aggregate result.
For the entire 4th quarter, the Federal Reserve reports that
Starting in November, consumers cut credit card use sharply."Revolving credit decreased at an annual rate of 5-1/2%"
It was a sudden, step-like shift. Like someone hit a switch.
Sound familiar? Consider the analysis of exactly what happens in response to a housing price bubble here.