(ZEROHEDGE) – Last month, when we reported that the latest (April) consumer credit numbers were an absolute shocker, with another month of blowout revolving (credit card) debt confirming that U.S. consumers had tapped out, and were spending themselves silly with money they don’t have, we said that the hangover was going to be brutal and painful.
Well, fast forward one month to the Fed’s latest, just released consumer credit data (for the month of May) which confirmed that as expected, U.S. consumers had maxed out their credit cards and the hangover had started.
Starting at the top, total consumer credit rose just $22.3 billion, the lowest monthly total since January, and a sharp drop from both April’s $36.8 billion and March’s record $47.5 billion.
