US consumer borrowing falls a record 7.9 billion in November 08

Here we go, latest data shows that US consumer borrowing fell a record $7.9 billion in November.
This article on bloomberg.com talks about it but they mainly say that is was due to the fact that credit companies are cutting lending and not starting new loans, aka credit freeze.
No one seems to suggest that the consumer is saving and therefore this fall in borrowing. I think its a mix of both reasons.
Also this raises 2 important points.
The TARP program ( $700 billion ) which gave taxpayer money to banks so they start lending again and do not hoard cash ( to survive ) seems to be either not working or seems to be delayed?
Like I wrote below, if the consumer is saving money and not spending, then the Obama tax breaks/tax credits which are a part of the stimulus package might not work.
We shall know soon.