The US consumer credit market has dramatically declined today

A recent consumer credit report showed a $1 billion decrease, far below the expected $15 billion increase. The prior month's credit increase was revised down significantly, and both revolving and non-revolving credit weakened. Non-revolving credit, traditionally stable, posted its second decline in a year, indicating a slowdown in student and auto loans. Average new car loan rates unexpectedly rose despite overall rate cuts. The author previously noted unsustainable credit card usage. These new credit data suggest a weakening consumer economy, confirming concerns about economic vulnerability.