This is disturbing

I (stupidly) assumed that as the housing market cooled, people would be forced to reduce their spending. I still think that's right, but it may be wrong in the near term:

Revolving credit, mainly credit-card use, rose in May at an annual rate of 9.8% to $894.8 billion.

That's bad for any number of reasons, the two primary being (1) consumers can't use equity to pay off credit cards anymore and (2) as of last year it's much harder to wipe these debts clean through bankruptcy (and please note that I'm not advocating #2 as a strategy, but stating that people will be saddled with these debts for a looooong time since they can't get rid of them).