With spending up and debt down it can only mean that consumers are paying off their outstanding debt. Credit card balances reflect a combination of revolving debt, which are the balances the consumers carry from billing period to billing period, and transactions, which are consumer purchases that get paid off right away.
![Aggregate Balances of all Credit Cards in the U.S. Consumer Debt](https://www.deltabusinessadvisors.com/wp-content/uploads/2021/08/2021-08-09-DBA-Final@0.33x.jpg)