Full text of G.19 Consumer Credit : August 8, 1977

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FEDERAL

RESERVE

statistical
••fWi*£?

release
FOR IMMEDIATE RELEASE
AUGUST 8, 197?

6.19

CONSUMER INSTALMENT CREDIT -

JUNE 1977

CONSUMER INSTALMENT CREDIT EXPANDED BY $2.28 BILLION IN JUNE, AFTER
SEASONAL ADJUSTMENT, COMPARED WITH THE $2.52 BILLION ADVANCE IN MAY AND THE RECORD
$2.85 BILLION GAIN IN MARCH, BASEO ON NEWLY RSVISED FIGURES. CREDIT EXTENDED IN JUNE
ROSE TO $18.61 BILLION, WHILE LIQUIDATIONS INCREASED MORE RAPIDLY THAN EXTENSIONS,
TO A RECORD $16.33 BILLION, RESULTING IN THE SMALLER NET EXPANSION.
AUTOMOBILE CREDIT EXTENSIONS WERE VIRTUALLY UNCHANGED IN JUNE AT
$5.98 BILLION, WHILE LIQUIDATIONS ROSE SHARPLY TO $5.08 BILLION. THE $898 MILLION
NET CHANGE WAS CONSIDERABLY BELOW THE $1.19 BILLION ADVANCE IN MAY, AS REFLECTED
IN THE REVISED SERIES. BOTH EXTENSIONS AND LIQUIDATIONS INCREASED FROM MAY IN THE
LARGE -ALL OTHER" CATEGORY.
AMONG OTHER CREDIT TYPES, HOME IMPROVEMENT AND BANK-CARO CREDIT GREW
MORE STRONGLY THAN IN MAY. MOBILE HOME CREOIT, WHICH NOW INCLUDES DATA FOR
SAVINGS ANO LOAN ASSOCIATIONS AND CREDIT UNIONS, ADVANCED BY $23 MILLION IN JUNE
COMPARED WITH A SMALL DECLINE IN MAY.
CIN MILLIONS OF DOLLARS)
JUNE 1977 | MAY 1977 » JUNE 1977 \ JUNE 1976 I LATEST 12 MONTHS
(SEASONALLY ADJ.)
1
(NOT SEAS.ADJ.)
1(NOT SEAS.ADJ.t

INSTALMENT CREDIT, TOTAL
AMOUNT EXTENDED:

18,6131

18,093!

I

I

5,978!
408!
677!
2,604}
5121
8,434}

AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING (1)
ALL OTHER

15,5771

I
I

AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING (1)
ALL OTHER

I
»

?,2J2|

2,516!

«

I

4,011!

!
1,694!
73!
283|
257!
76!
1,428!

l,188f
-18!
126)
173!
98!
948(

23!
174!
219!
651
883!
!
i
(2)
I

AMOUNT OUTSTANDING,
END OF MONTH

!
!
16,5331
!
1

!
\

16,3311

NET CHANGE IN AMOUNT
OUTSTANDING:

I
7,097!
481!
809!
2,630!
497(
9,028!

5,973!
402!
627!
2,589!
4981
6,0041

!
I
AMOUNT LIQUIDATED

20,544!

I
!
(2)

(

!
!
196,1571

17,774!

!
6,229!
4781
645|
2,139!
3941
7,8891

»
i
14,7o4l

!
1
3,010!
!
1,6131
691
215!
131!
21
980)

»
!

171,7291

206,813
66,976
4,834
7,226
28,057
5,351
94,368
182,389
24,424 (5)
(6)
(6)
(6)
(6)
(6)
(6)
U)

HOLDER SHARES OF INSTALMENT CREDIT
(IN PER CENT)
)
SHARE OF EXTENSIONS
! MONTH-END SHARfc OF OUTSTANDINGS
(
(SEASONALLY AOJ.)
(NOT .SEASONALLY ADJ.)
1
1 JUNE 1977! MAY 19771 JUNE I97t>! JUNE 1977! MAY 1977! JUNE 1976

HOLDER
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS (3)
OTHERS (4)

!
1
(
1
I

48.5)
18.5!
14.91
15.1!
3.0)

46.2)
18.6!
15.41
15.I(
2.7!

47.9!
18.6|
15.8|
15.11
2.6(

48.6(
20.8!
17.21
9.2!
4.2!

48.5!
20.9!
17.01
9.3|
4.3|

48.4
21.4
16.5
9.5
4.2

INSTALMENT CREDIT FLOWS, QUARTERLY AVERAGE*
(SEASONALLY ADJUSTED ANNUAL RATES)
TOTAL
INSTALMENT
CR€DIT

1
1

EXTENSIONS
LIQUIDATIONS
NET CHANGE

!
!
)

(MILLIONS OF DOLLARS)

1 197711

1 19771

1 19761V

221,261) 211,3631
190,990! 184,716!
30,271!
26,6471

I 1976111 ! 197611

200,9321
180,263!
20,669!

193,3321
174,107!
19,225!

NOTE: CONSUMER INSTALMENT CREDIT CONSISTS OF SHORT- AND
INTERMEDIATE-TERN CREDIT EXTENDED THROUGH REGULAR
BUSINESS CHANNELS TO FINANCE THE PURCHASE OF GOODS
ANO SERVICES FOR PERSONAL CONSUMPTION, OR TU REFINANCE DEBTS INCURRED FOR SUCH PURPOSES, AND
SCHEDULED TO BE REPA10 IN TWO OR MORE INSTALMENTS.
MORTGAGE CREOIT GENERALLY IS EXCLUDED. DETAILS MAY
NOT ADD TO TOTALS OUE TO ROUNDING.
(1)
BANK CHECK CREDIT AND OTHER BANK REVOLVING CREDIT.
12*
NOT APPLICABLE.




1
!
! 197711

188,119!
167,2941
20,8261
(3)
(4)
(5)

(6)

AS PER CENT OF DISPOSABLE
PERSONAL INCOME
J 19771
! 1976IV
J 1976111 1 197611

1T.11
14.7|
2»3(

16.9!
14.7!
2.1!

16.4!
14.71
1.7!

16.21
14.6)
l.6|

16.0
14.2
1.8

RETAIL STORES ANO CATALOG ORDER.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS,
ANO AUTO DEALERS.
A VALUt FOR THE UNADJUSTED NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON THE NEXT TO LAST COLUMN ON THE
NEXT PAGE, BUT MAY VARY SLIGHTLY, DUE TO DIFFERENT
AGGREGATION METHODS.
FOR VALUES SEE THE NEXT TO LAST COLUMN ON THE NEXT
PAGE UNDER THE HEADING "CHANGE FROM ENO UF JUNE
1976 AMOUNT N.S.*.*

CONSUMER INSTALMENT CREDIT BY HOLDER ANO TYPE

JUNE 1977

(IN MILLIONS OF DOLLARS)

I

E X T E N DEO

L I Q U 1 0 A T E D

| 1 NET 11 0 U T S T A N D I N G

1 CHG |

INSTALMENT CREDIT, BY
1 JUNE
1 1977
I S.A.

HOLDER AND TYPE

1 MAY
|
I 1977 I
1 S.A. |

JUNE
1976
S.A.

t

JUNE
)(
1977 ) 1
N.S.A. ) I

JUNE I
1977 J
S.A. |

MAY
1977
S.A.

JUNE I JUNE ) ) JUNEl 1
1976 I 1977 ) 1 19771
1
S.A.
N.S.A. | 1 S.A.IJ
1 (1) I
1

1

18*613 1

18,0931

15,989

20,544| )

16,331)

15,577

14,454

1
I
!

9,036
3,4*4 !
2,769
2,806 I
559

8,659|
3,3591
2,860|
2,728|
4851

7,706
2,979
2,455
2,407
441

9,987) 1
3,947) )
3,337| t
2,7081 )
5651 )

7,753|
3,2611
2,2501
2,662|
405)

7,563
2*899
2,195
2,518
401

6,996
2,823
1,991
2*299
346

TOTAL

END OF CHANGE FROM £HD
JUNE
OP JUNE 1976
1977
AMOUNT
PER
N.S.A. N.S.A.1 CENT
24,428

14.2

7,8771 ) 12831 1
3,362) t 1621 )
2,290) 1 519)|
2,587) 1 144|i
416) 1 154| 1

95,307 12,183
40,712
3,993
5*366
33*750
18*032
1*646
8*355
1,240

14.7
10.9
18.9
10.0
17.4

10*012

17.5

16,533) 1 228?i 1 196*157

BY HOLDER
COMMERCIAL BANKS
FINANCE COMPANIES
CREOIT UNIONS
RETAILERS (2)
OTHERS (3)
BY CREDIT TYPE
AUTOMOBILE, TOTAL
COMMERCIAL BANKS
INDIRECT PAPER
DIRECT LOANS
FINANCE COMPANIES
CREDIT UNIONS
OTHERS (3)
MOBILE HOME, TOTAL
COMMERCIAL BANKS
FINANCE COMPANIES
HOME IMPROVEMENT, TOTAL
COMMERCIAL BANKS

5,978

5,9731

5,245

7,097| )

5,080|

4,785

4*456

5,2041 1 8981 I

72*459

3*4*3
1,817
1,625
1,099
1,390
47

3,3411
1,751|
1,5901
ltU4|
1,457|
601

3,020
1,605
1,415
912
1,270
43

4,026) 1
2,136) 1
1,689) 1
lt324) (
1,693) I

55| )

2,7611
lt489|
1*2721
1*1271
1*146)
45)

2,780]
1,509
1,271
856
1,106
43

2,531
1,420
1,111
655
1,032
38

2*856) ) 6811 )
1*531)1 3261 1
1*325) 1 353))
1*128) 1 -28|I
1*174) ) 244|1
46) 1
2))

41,937
23*054
18,883 1
13*219
16,754
549

6*757
3*039
3*718
1*309
2*663
83

19.2
15.2
24.5
11.0
18.9
17.8

408

4021

410

4611 I

385)

420

395

406) )

23) I

14*551 1

75

•5

232
46

262)
50|

254
67

285) 1

56) )

239)
681

262
74

255
70

256| 1
71) )

-71 1
-21)1

8*646 1
3*136

677

6271

541

809) 1

503|

501

415

527) 1

174)1

319

308|

250

399) )

252)

250

212

264) )

671 (

5*836 1

2,604
512

2,589|
4981

2,105
398

2,630) )
497) 1

2*385)
427|

2*416
400

2*003
399

2*3731 t
421) t

219)1
851 )

11*462 I
3,202

8,434

8,004)

7,290

9,0281 )

7,551)

7,056

6*786

7*600) )

883)1

82*741 I 9*500 I 13.0

1,927
1,3801
2,2b9|
1,850
1,225
2,6061
1871

1,6621
1,136!
2,1881
lt744)
1,2331
2,7261
193)

1,679
1,209
1,997
1,654
1,052
2,407

2,150) 1
1,493) 1
2,556| )
2,057) 1
1,433| )
2,708) t
181| 1

1,689|
1»224|
2,063)
1,0661
986)
2,6621
151)

1,456
993
1,961 I
1,560
975
2,518
146

1*596
1*135
1,893
1,554
864
2,299
134 1

1,707) t
1*234) )
2*160) 1
1*731) )
994) 1
2,587) 1
1521 1

237)1
156|I
226)1
185)1
2391 1
144) I
36) I

24*224
16*602
24,223 l
19,540
14,141
18,032
2,121

11*742

-64 t -.7
-207
-6.2
1*606 I 15.8
642 !

12.4

REVOLVING
BANK CREDIT CARD
BANK CHECK CREDIT
ALL OTHER, TOTAL
COMM. BANKS, TOTAL
PERSONAL LOANS
FINANCE COS., TOTAL 1
PERSONAL LOANS
CREDIT UNIONS
RETAILERS
OTHERS
1
(1)

(2)
(3)




155 1

NtT CHANGES FOR ALL MONTHS fcQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS,
EXCLUDES 30-DAY CHARGE CREDIT HELD BY RETAILERS. ALSO EXCLUDE* OIL AND GAS
COMPANIES AMOUNTING TO $2345 MILLION AT THE END OF JUNE. THIS REPRESENTS A
END OF MAY ON A SEASONALLY ADJUSTED BASIS AND AN INCREASE OF $51 MILLION ON
MUTUAL SAVINGS BANKSt SAVINGS AND LOAN ASSOCIATIONS, AND AUTO DEALERS.
NOTE:

1*913 ! 20.0
522 i 19.5

2*414
1*589 1
2*896 1
2*068
2*246
1*646
296

CHARGEOFFS, AND OTHER CREDITS).
COMPANIES, AND TRAVEL AND ENTERTAINMENT
DECREASE OF $33 MILLION FROM THE
AN UNADJUSTED 6ASIS.

S.A, AND N.S.A, DENOTE SEASONALLY ADJUSTED AND NOT SEASONALLY ADJUSTED DATA, RtSPECTIVELY.

11.1
10.6
13.6
11.8
18.9
10.0
16.2

REVISION OF CONSUMER CREDIT RELEASE
This issue of the Federal Reserve's consumer instalment credit series contains numerous revisions from the figures previously published. These changes are
based primarily on information derived from newly available benchmarks, and in some
cases from new estimating procedures derived from materials that were previously
unavailable.
Commercial bank figures have been revised beginning in 1975, mainly reflecting benchmark data for June and December of 1976. To a lesser extent, the
revisions take into account corrections made in earlier benchmark figures.
Finance company data have been revised beginning in mid-1970, incorporating
recently revised tabulations from the Federal Reserve's June 1975 Quinquennial Survey
of Finance Companies.
Revised credit union statistics were based on newly available information
that permitted improved estimates of holdings by type of credit, from 1972 to date.
Estimates for retail stores and automobile dealers were routinely revised,
beginning with 1976, to parallel monthly published Census Bureau retail credit series.
Figures for savings and loan associations--included among other lenders-were revised beginning with 1973 data, using new semiannual benchmark reports, and
incorporating for the first time estimates of mobile home lending. Though not shown
separately, these new S&L mobile home loan estimates are now contained in the mobile
home credit totals.
Mutual savings bank data--another component of other lenders — have also
been adjusted to new benchmarks. Revisions date to 1972.
In general, all series are revised through December 1976, with estimates
for subsequent months derived from reports of representative samples of credit
grantors. Seasonally adjusted series for each of the lender groups reflect revised
seasonal factors.
Complete tables of revised data, from January 1970, are available upon
request from the Mortgage and Consumer Finance Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
GROWTH IN CONSUMER INSTALMENT CREDIT DURING 1976
(In Billions of Dollars)

Total
Revised
Change from
originally
published

__,
Revised
Change from
originally
published




Commercial
Banks

By Holder
Finance
Companies

Credit
Unions

Retail
Firms

Other
Lenders

20.5

10.8

2.6

4.9

1.1

1.1

+4.0

+4.1

-0.3

-0.3

-0.1

+0.6

Mobile
Home

Bank
Revolving

All
Other

Total

Auto

By Credit Type
Home
Improvement

20.5

10.2

1.6

0.1

2.1

6.5

+4.0

+2.8

+0,8

+0.8

+0.3

-0.7

CONSUMER INSTALMENT CREDIT
Seasonally Adjusted
LiquiNet
Outdations
Change
standings
9802.10652.
1080. — 1 1 0 7 6 5 .
10843.
9769.
1075.
110640.
11028.
9720.
1309.
111428.
11494.
9861.
1633.
112980.
11251. |
9945. !
1306.
114848.
11402.
10265.
1137. !
117120.
11148.
10234.
913.
118145.
11475. !
10279.
1196. 1
120206.
11456. i
10321. 1
1135. i 121440.
11825.
10486.
1340.
122436.
12130.
10684.
1446.
124126.
12482.
10695.
1787.
126759.

Extensions

1^72-JAK»...j

-FEB...
-MAR...
-APR...
-MAY...
-JUN...
-JUL...
-AUG... f
-SEP...
-OCT... 1
-NOV...
-DEC...

1973-JAN...
-FEB...
-MAR. . .
-APR...
-MAY...
-JUN...
-JUL...
-AUG...
-SEP...
-OCT...
-NOV...
-DEC...

13068. 1
13074.
13193. |
12989.
13116. :
13118.
13351. i
13100.
13019.
13624.
13301.
12825.

10967.
11023.
11344.
11237.
11381.
11591. 1
11607. S
11668.
11654.
11838.
11962. I
11849.

2100.
2051.
1849.
1752.
1734.
1527.
1743.
1432.
1365. i
1786.
1338.
976.

128553.
129129.
130339.
132110.
134569.
137170.
139164.
141609.
142845.
144487.
146092.
148177.

1974-JAN...
-FEB...
-MAR...I
-APR...1
-MAY...
-JUN...
-JUL...I
-AUG...
-SEP...
-OCT...!
-NOV...!
-DEC...
1975-JAN...|
-FEB...I
-MAR...
-APR...!
-MAY...
-JUN...
-JUL...
-AUG...
-SEP...
-OCT...
-NOV...
-DEC...
1976-JAN...
-FEB...
-MAR...
-APR...
-MAY...|
-JUN...
-JUL...j
-AUG...!
-SEP...!
-OCT...
-NOV...
-DEC...
1977-JAN...i
-FEB...
-MAR. . .|
-APR...<

12985.
13191.
13120.
13396.
13570.
13487.
13464.
13517. 1
13239.
12595.
12031.
12382.
12383.
12890.
12595.
12772.
12831. 1
13299.
13983. !
14202. J
14266. !
14464.
14919. !
15316. 1

12024.
12081.
12349.
12369.
12444.
12373.
12364.
12289.
12467.
12339. !
12283.
12632.

960.
1110.
771.
1026.
1125.
1113.
1101.
1228.
772.
255.
-251.
-250.

147241.
146913.
146655. 1
147924.
149734.
151621.
153159.
155382.
156176.
156266.
156266.
157454.

12426.
12476.
12818.
12714.
12830.
13063.
12772.
13306. !
13392.
13443. 1
13681.
13642.

-43.
414.
-223.
236.
1211.
896.
874.
1021.
1237.
1674.

155497.
154532.
153151.
153288.
153783.
154905.
156825.
158593.
159823.
160667.
161701.
164955.

15332.
15762.
15693.
15425.
15616.
15989.
15796.
16118.
16420.
15844.
16712.
17677.

14001.
14000.
13989.
13514.
13855.
14454.
14349.
14589.
14589.
14753.
15077.
15236.

1331.
1762.
1704.
1911.
1761.
1534.
1447.
1528.
1831.
1091.
1634.
2442.

163981.
163827. I
164559.
166701.
168717.
171729.
173923.
176613.
178947.
179487.
181237.
185489.




-MAY...J

-JUN...!

1

1
1
1

17072.
17418.
18351.
18609. 1
18093. i
18613. !

15082.
15594.
15503.
15840.
15577.
16331.

!
J
!
1
!
1
!
!
|
1

58.
1.

j
i
i
i
1
|
1
1
!
I

i

1990.
1624. I
2648.
2770.
2516. |
2282. !

184597.
184504.
186379.
189187.
192143.
196157.

{
1
I
j