Have Households Started To Borrow? Probably for cars.

PragCap thinks so here, but it's only been up $169 billion year over year. The monthly rate of vehicle sales annualized is up 1.6 million units over the same period. Could be that. Subprime, loan to value in excess of 100% and longer terms are all up in the space, according to Reuters here just in recent days.

In Everlasting Debt

The recent decline was almost completely the result of defaults written off by banks and credit card companies, not of consumers paying down their debts: