Not since the 1940’s has there been a larger contraction in consumer credit.
(US) Nov Consumer Credit: -$17.5B v -$5Be (10th straight decline)
- prior revised from -$3.5B to -$4.2B
- Annual growth rate -8.5% v -4.2% prior (revised from -1.7%)
Revolving credit -$13.7B v -$7.4B prior (revised from -$7B)
The data which was released today is the largest drop in consumer credit since record keeping on this data began in 1943. When consumer credit contracts that is less money going ‘into’ the economy, especially consumer spending.
A popular headline regarding the consumer credit data is that it is the consumers who are deleveraging their credit balances by paying them down. While that is true, it is equally important to note that the contraction is also a result of such factors as banks not approving new credit to customers, bankruptcies, and the general desire among consumers to curtail 
spending. Irrespective of the reason, it is money that is not going into the economy.
And just to visualize how leveraged consumers are on credit see the total credit outstanding chart shown here.
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