Are Americans tapped out on credit card debt? US consumer revolving credit, which includes credit cards, dropped -1.1 billion in June, the 3rd-largest decline in more than 4 years. This also marks the 2nd consecutive monthly decline, the first such streak since 2020. If this trend persists, it could weigh on the economy, as personal consumption accounts for ~70% of GDP. Meanwhile, non-revolving debt, covering student and auto loans, jumped +8.4 billion. As a result, total consumer credit rose +7.4 billion, posting its 4th straight monthly increase. The credit card debt crisis is spreading.(The Kobeissi Letter)