Last Friday, the latest consumer credit results for December were released showing an overall increase of $14.7 billion against the consensus estimate of $15 billion. While non-revolving credit, which consist mostly of student and auto loan debt, came in at $8.98 billion, the pace of growth slowed considerably. Overall, the fourth quarter 5.4% increase was the slowest pace since Q4-2013.It’s backwards looking, but points to sentiment shifts for this year. The $5.8 billion increases in credit card debt were the largest since April, underscoring what we heard from credit card companies. The idea that consumers are spending again is critical...