>Consumer debt has reached record levels in recent years. But Federal
>Reserve (news - web sites) data showed that consumers became more cautious
>users of credit last year, expanding their borrowing at the slowest pace
>in a decade. The rise in credit card and other revolving debt was the
>smallest increase since the Fed began keeping records in 1968.
That's true of c.c. debt, but Americans have been using home equity cashouts as substitutes for the Visa - something like $150 billion last year, half the growth in consumption. The Mortgage Bankers Association's refi index is close to a record high.
Doug