by Wolf Richter
Wolf Street
Stimulus and huge shifts in spending, wiping out entire industries and fattening up others.
American consumers – let’s face it, consuming is the number one top job during these trying times – have paid down their credit cards again.
In October, credit card balances and other revolving credit ticked down again from the prior month, and plunged by 10.3% from October last year, the steepest year-over-year drop ever, eking past the peak year-over-year drop during the Financial Crisis (-9.9% in January and February 2010):