Consumer credit dropped by 10% at an annual rate. Here are the actual numbers: Link
But this is only half of the story. Remember when TARP was sold to us as a way to "unfreeze the credit markets" so that lenders would provide loans to consumers and small businesses. Well, that reason was a lie and here is proof:
U.S. banks tightened standards on all types of loans in the second quarter and said they expect to maintain strict criteria on lending until at least the second half of 2010, a Federal Reserve report showed on Aug. 17.
TARP was strictly a bailout of the financial oligarchy. The Great De-leveraging will continue which is a good thing especially considering we were at $2.58 trillion in 2008.