May Consumer Credit Down $9.15 BILLION and April revised to down $14.86 BILLION from initial $1 Billion gain-Bernanke has a challenge with numbers!

WASHINGTON (MarketWatch) -U.S. consumers shed some of their debt for the fourth month in a row in May, the Federal Reserve reported Thursday. Total seasonally adjusted consumer debt fell $9.15 billion, or a 4.5% annualized rate, in May to $2.42 trillion. Economists expected a decline. The series is very volatile. April consumer credit was revised sharply lower to a decline of $14.86 billion compared with the initial estimate of a gain of $1 billion. The decline in May was led by revolving credit-card debt, which fell $7.32 billion or 10.5%. This is the 20th straight monthly decline in credit card balances. Non-revolving debt such as auto loans, personal loans and student loans, fell $1.82 billion or 1.4%. Since the collapse of Lehman Brothers in September 2008, consumer credit has declined in 18 out of 20 months.

Grandpa: The Federal Reserve initially reports a $1 billion gain for April and revises to DOWN $14.86 BILLION and Bernanke is in charge of our monetary policy!!! Consumer credit down 18 out of prior 20 months...let's see how CNBC spins this!!!!!