Note the spin....

Consumer credit increased at an annual rate of 6 percent in July 2011. Revolving credit decreased at an annual rate of 5-1/4 percent, while nonrevolving credit increased at an annual rate of 11-1/4 percent.

While the data says.....

See, non-revolving credit looks ok!  Uhhhhhh....

Only until you strip out the student loans.  Then it doesn't look so good, does it?