In fact, the prior estimate for May's total credit was $2.415 trillion. But a significant revision brought it up to $2.420 trillion. That still registered a decline of 2.6% for the month, but not the 4.5% drop that was initially reported. Most of that revision came in the form of non-revolving credit, which grew by 1.4%, instead of declining by 1.4%, as the first projection indicated.
Here's the latest historical chart for credit:
As for major holders of credit, most saw their balances decline. Only two held more consumer debt in June. Finance companies had a very slight rise, while the federal government continued to ramp up its holdings of consumer credit. The U.S. government increased its portfolio by $5.5 billion, or 2.47% during the month.
In short, consumers are continuing to pay down their revolving debt, though a little more slowly in June than in May. But non-revolving debt has actually been rising over the past two months. On a net basis, however, credit continues to decline.