US households continue to shed debt at a record pace - this graph says it all...
US households are finally "just saying no" to debt.
To put this breakdown in perspective - the Fed's data on this goes back to 1976, and household debt grew every single year until 2009.
In fact, we're looking at two straight years of deleveraging in terms of both mortgage debt and consumer credit - another record.
Hat tip to friend and reader Carson for the tip on this data.
Related reading: Are Deflationist Arguments Still On Track?