"Consumer Credit" Growing? Nope

Ticker's been on this for quite some time.

First, the utterly deceptive Fed Reserve press crap:

Consumer credit increased at an annual rate of 3 percent in April 2011. Nonrevolving credit increased at an annual rate of 5-1/4 percent, while revolving credit decreased at an annual rate of 1-1/2 percent.

Now, the actualities:

Ex-Student loans both revolving and non-revolving credit contracted again.

IOW, "consumer credit"'s only "growth" is to feed people like Charlie Dee at MATC.