Revolving credit rising when consumer spending is not is a sign of stress:
Consumer borrowing is showing very solid life, up $20.5 billion in April following an upward revised gain of $21.3 billion in March. The key for this report is a second big gain in revolving credit which is the component where credit cards are tracked. This component rose $8.6 billion following March’s gain of $4.9 billion. These are unusually strong gains for this reading and point squarely at rising consumer confidence. Nonrevolving credit rose $11.9 billion in the month reflecting vehicle financing and another rise in student loans.
Nothing at all exciting happening here:
If anything this goes up in front of recessions. It went up into 2014 but rescued by the income from the shale boom that ended in Q4:
This is mainly student loans and you can see the growth rate is still declining: