Follow up to Tom's post below. The Fed has updated the Financial Obligations Ratio data for end of 3rd Qtr here.
The St. Louis Fed FRED chart hasn't been updated yet, but based on this data from the Fed, it looks like this chart may have put in a bottom just above 16.
Since this is from the end of 3rd quarter (end September) this info is a bit dated.
We have been following a slight uptick in Bank Credit in the H.8 report this year since around the time of the mid-summer "debt ceiling" debacle and the resultant fiscal drag. Mike has opined that perhaps some households have had to dip back into credit to sustain consumption due to that fiscal drag and perhaps the FOR data here is starting to reflect that.
Will check the FRED chart over the next few days and when that updates I'll post it here to see how that chart looks with the new 3rd qtr data added.