Was Consumer Delevering Part II

On Monday I asked if the consumer was relevering and showed the below chart (makes special note of the revolving debt).

Felix Salmon with some interesting analysis that shows perhaps they never really were:

It turns out that while total debt outstanding dropped by $93 billion, charge-offs added up to $83 billion — which means that only 10% of the decrease in credit card debt — less than $10 billion — was due to people actually paying down their balances.