BREAKING: US consumer credit fell -$182 million in May, the first monthly decline since November 2024. This was significantly below expectations of a +$17.5 billion increase and followed a +$20.8 billion increase in April. The decline was driven by revolving credit, which includes credit cards, plunging -$5.3 billion, the 2nd-largest monthly drop since November 2020. This comes after a +$11.5 billion and +$10.7 billion increase in April and March. At the same time, non-revolving credit, which includes auto and student loans, jumped +$5.1 billion, the smallest monthly increase since February. Meanwhile, the average interest rate on credit cards rose to 22.15%, near the highest on record. Is consumer borrowing reaching a tipping point?(The Kobeissi Letter)