Consumer credit outstanding declined by 3.7% in the month of August. An obvious sign that the credit crunch has spilled over into the consumer segment of the economy. Argus Research notes, "The decline was the result of a 0.8% drop in revolving, or credit card, debt and a 5.4% plunge in nonrevolving debt. Miserable auto sales are the explanation for the decline in nonrevolving activity."