Credit Contration = Deflation
I am still in the deflation bandwagon, and with saying that I don't accept price increase or decrease as a definition of inflation or deflation, but the expansion or contraction of money supply as the definition. Price increases and decreases are lagging indicators and can be simply because of other things, like supply and demand.
John Mauldin has a piece that shows a beautiful graph of credit contraction which ultimate is a contraction of money supply. The graph is about 1/3rd the way down the article.
If you haven't read John Mauldin's stuff, well I recommend giving it a read.