Full text of G.19 Consumer Credit : February 10, 1978

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' o? Gov^

FEDERAL

RESE
oBEasaassMft&snHB

statistical

release
FOR IMMEDIATE RELEASE
FEBRUARY 10, 1978

CONSUMER INSTALMENT CREDIT - OECEMBER

1977

CONSUMER INSTALMENT CREDIT OUTSTANDING INCREASED DURING DECEMBER BY
$2.70 BILL1CN, SEASONALLY ADJUSTED, SOMEWHAT BELOW THE STRONG NOVEMBER PACE ANO A
LITTLE ABOVE THE OCTOBER GAIN. THE NET EXPANSION OF CREDIT DURING THE FOURTH
QUARTER AT $8-18 BILLION WAS THE LARGEST ON RECORD IN DOLLAR AMOUNT, ALTHOUGH A HIGHER
PERCENTAGE RATE OF GROWTH WAS ACHIEVED IN THE SECOND QUARTER OF 1977, AND IN SOME EARLIER
PERIODS. THE LARGEST MONTHLY INCREASE REMAINS THE $2.97 BILLION ADVANCE OF
MARCH 1977.
CREDIT EXTENSIONS REBOUNDEO IN OECEMBER TO A NEW HIGH OF $20.11 BILLION,
AFTER SEASONAL ADJUSTMENT, EDGING ABOVE THE PREVIOUS HIGH IN OCTOBER. LIQUIDATIONS
OF EXISTING DEBT AMOUNTED TO $17.41 BILLION, ALSO ECLIPSING THE OCTOBER HIGH.
AUTOMOBILE CREDIT ACCOUNTED FOR 49 PERCENT OF THE TOTAL NET INCREASE IN OUTSTANDINGS,
AS EXTENSIONS ROSE SHARPLY, DESPITE THE GENERAL WEAKENING OF NEW-CAR SALES IN RECENT
MONTHS. NET GROWTH IN THE LARGE "ALL OTHER- CATEGORY WAS BELOW THE NOVEMBER FIGURE,
WHILE GROWTH IN MOBILE HOME, HOME IMPROVEMENT AND BANK. REVOLVING CREDIT INCREASED AT
ABOUT THE NOVEMBER RATE.
TOTAL CONSUMER NONINSTALMENT CREDIT OUTSTANDING—CREDIT SCHEDULED TO BE REPAID
IN A LUMP SUM, INCLUDING SINGLE PAYMENT LOANS, CHARGE ACCOUNTS, AND SERVICE C R E D I T —
AMOUNTED TO $43.0 BILLION AT THE END OF 1977, AN INCREASE OF $4.0 BILLION FROM THE £N0
OF 1976.

(IN MILLIONS OF DOLLARS)
INSTALMENT CREDIT, TOTAL

DEC. 1977 I NOV. 1977 | DEC. 1977 | DEC. 1976 lLATEST 12 MONTHS
(SEASONALLY ADJ.)
|
(NOT SEAS.AOJ.)
I (NOT SEAS.ADJ.)

AMOUNT EXTENDED:
AUTOMOBILE
M08ILE HOME
HOME IMPROVEMENT
.BANK CREDIT CARD
OTHER REVOLVING (1)
ALL OTHER

20,1081

19,6801

I

I
6,3301
464|
7611
2,8281
492|
8,6041

6,743|
4501
7211
2,9731
5311
8,6901

NET CHANGE IN AMOUNT
OUTSTANDING:

15,337|

I
I

I
I
4,2511
1
6471
111
99)
7881
981
2,607|

2,8531

4,45l|

l,24l|
741
2111
2431
271
lt057|

I

I
1,3281
751
1711
2501
46|
8241

6231
15|
731
1,166|
1231
2,4511

I
i

I
I

AMOUNT OUTSTANDING,
END OF MONTH

(2)

5,1621
3821
5511
3,0501
5051
9,9381

16,9431

I
I

I

!

|

225,607

I

I
I

17,4131

I
I

19,5881

I
I

16,8261

2,6961

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

3,em

589 j
10,375|

I
I

I
I

AMOUNT LIQUIDATED

2l,394|
I
5,654|
3701
594|

72,906
5,235
8,065
31,761
5,886
101,754
194,565
31,041 (5)
(6)
(6)
(6)
(6)
(6)
(6)

I
I
185,489)

(2)

216,5571
HOLDER SHARES OF INSTALMENT CREDIT
(IN PER CENT)
I
SHARE OF EXTENSIONS
| MONTH-fND SHARE OF OUTSTANDINGS
I
(SEASONALLY ADJ.)
|
(NOT SEASONALLY ADJ.)
I DEC. 19771 NOV. 1977J DEC. 1976| DEC. 1977| NOV. 1977J DEC, 1976
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS (3)
OTHERS (4)

50.9|
18.51
15. 4j
13.2|
2.0|

49.2|
18.31
14.6|
14.51
3.21

49.31
18.4|
14.8|
14.81
2.71

48.61
20.31

48.81
20.4)

17.11

17.21

9.7|
4.31

48.3
20.8
16.5
10.3
4.1

9.3|
4.3!

INSTALMENT CREDIT FLOWS, QUARTERLY AVERAGES
(SEASONALLY ADJUSTED ANNUAL RATES)
TOTAL
INSTALMENT
CREDIT
EXTENSIONS
LIQUIDATIONS
NET CHANGE

|
|
| 1977IV

I

(MILLIONS OF DOLLARS)
I 1977III | 1977II

238,2981
205,5971
32,7011

| 19771

I
| 1976IV

227,9961
198.134J
29,8621

NOTEt CONSUMER INSTALMENT CREDIT CONSISTS OF SHORT- AND
INTERMEDIATE-TERM CREDIT EXTENDED THROUGH REGULAR
BUSINESS CHANNELS TO FINANCE THE PURCHASE OF GOODS
AND SERVICES FOR PERSONAL CONSUMPTION, OR TO REFINANCE DEBTS INCURRED FOR SUCH PURPOSES, ANO
SCHEDULED TO BE REPAID IN TWO OR MORE INSTALMENTS.
MORTGAGE CREOIT GENERALLY IS EXCLUDED. DETAILS MAY
NOT ADO TO TOTALS DUE TO ROUNDING.
(1)
BANK CHECK CREDIT AND OTHER BANK REVOLVING CREDIT.
(2)
NOT APPLICABLE.




| 1977IV

AS PER CENT OF DISPOSABLE
PERSONAL INCOME
I 1977III | 1977II
| 19771

17.4|
15.11
2.4)

(3)
(4)
(5)

(6)

17,21
15.0|
2.3|

17.4|
14.9|
2.5|

| 1976IV

17.01
14.8|
2,3|

16.4
14.7
1,7

RETAIL STORES AND CATALOG ORDER.
MUTUAL SAVINGS BANKS, SAVINGS ANO LOAN ASSOCIATIONS,
AND AUTO DEALERS.
A VALUE FOR THE UNADJUSTED NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON THE NEXT TO LAST COLUHN 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 END OF DECEMBER
1976 AMOUNT N.S.A."

CONSUMER

INSTALMENT

CREDIT BY HOLDER

(IN MILLIONS OF

E X T E N D
INSTALMENT
HOLDER

DEC.
1977
S.A.

AND TYPE

TOTAL

1
|
|

1
1
1

HOLDER

1

TYPE

AUTOMOBILE,

MOBILE

HOME,

ALL

OTHER,

COMM. BANKS, TOTAL
PERSONAL LOANS
F I N A N C E C O S . , TOTAL
PERSONAL LOANS
C R E D I T UNIONS
RETAILERS
OTHERS

(1)
J2J

13)

II

[ Q U I D

L

6,3301

i

8,7211
3,2471
2,625|
2,6201
46 5|
1
1

1
1
5,8691

1

3,9411
2,1531
1,7881
1,165|
1,5811
551
i

3,717|
2,0761
1,6411
1,0971
1,4581
581
i
1
464|

3,4761
1,8891
1,587|
999|
1,3481
461
I
1
470|
i
324|

1
1
1

3001
501
•

•

1
2801
54|
1

7211
1

7611
i

3841
i
1

3701

1
1
1
1

1
1
2,9731
5311

i
>
1

1i
8,6901

1

1

1
1
i
1
1
1

2,0961
1,518|
2,4901
1,9551
1,326|
2,647|

1

1311

1
1
1

521
i

624|
i
1
3061
i1

1
1

2,8281
4921
i
1
8,8041

2,2971
4411
i

2,0011
1,434|
2,441|
1,914|
1,2851
2,8571
2211

1,8771
1,3031
2,1911
1,7221
1,128|
2,620|
1611

1

DEC.
1977
S.A.

7,9771

1

1
|
|

NOV.
1977
S.A.

1

21,394||

1
1
1

1

TOTAL

TOTAL

1

1

BANKS

BANK C R E D I T CARD
BANK CHECK C R E D I T

1
1

1
1

4501
i

REVOLVING

II
||
||

i

COMMERCIAL BANKS
F I N A N C E COMPANIES

COMMERCIAL

1
DEC.
1977
I
| N.S.A.

!

TOTAL

HOME I M P R O V E M E N T ,

DEC.
1976
S.A.

17,6771

1

6,7431

COMMERCIAL BANKS
I N D I R E C T PAPER
D I R E C T LOANS
F I N A N C E COMPANIES
C R E D I T UNIONS
OTHERS
(3)

1

i
i
9,6881
3,6021
2,9201
2,857|
6121
I
1

|

TOTAL

I
|
|

1
10,2261
3,714|
3,0931
2,6471
4281
I
l

l

COMMERCIAL BANKS
F I N A N C E COMPANIES
C R E D I T UNIONS
RETAILERS
(2)
OTHERS
(3)

NOV.
1977
S.A.

19,6S0|

20,1081

BY C R E D I T

TYPE

A T E 0

C R E D I T , BY 1

1

BY

II

E D

AND

DOLLARS)

17,4131

II
II
II
• i

1 !
10,03511
4,0261 I
2,857||
4,077|
399N

8,615|
3,2551
2,452|
2,659)
4321

1

1
1
5,414|

1
1
1
1
8,305|
3,0591
2,3541
2,673|
435|
•
1

I

1

j

3,1061
1,6671
1,439|
l,007|
1,2531
481
t

16,94311

7,452|
2,8381
2,1141
2,4611
371|
i
1

8,21311
3,38211
2,310||
2,622H
415H

i

2,6921
1,4801
1,2121
847|
1,0891
401

1

229|
44)

2401
591

257|
50|

j

1

594|

1

2871
I
1

t1
1|

3,8111 1
589| 1
j 1
10,3751 I

11
1
1
1
1
I
1
1301 | »

5491
j
274|
i
1

i

|
2,7231
4851
|
7,8661

1
1,7861
1,284|
2,1821
1,7181
1,0751
2,659|
1651

j
1

550|

j

272|
•
1

2,585|
466|
1

7,747|

II
22211
5811
II

2 4 4 |j
69|
i
1
4631
j
2361

521M

i
1

1

II
260M
II
II
II

2,228|
415|
i

2i645||
466||

7,0781

7,924||

1
1,638|
l,17l|
i,9l7|
1,594|
9211
2,461|
1411

216,5571

31,069

16.7

1611H
45911
64111
-12||
-3||

105,2911
44,000)
37,0361
21,0821
9,1491

15,780
5,361
6,490
2,030
1,408

17.6
13.9
21.2
10*7
16.2

79,414|

13,297

II

II
1.713M
1,24211
2,394||
1,937||
1,03611
2,622||
159M

S.A. AND N.S.A. DENOTE SEASONALLY ADJUSTEO AND NOT SEASONALLY
DETAILS MAY NOT ADO TO TOTALS DUE TO ROUNDING.




AOJUSTED DATA,

20.1

835 U
48611
349||
159||
328)1

46,119|
25,3701
20,749|
14,3251
18,385)
5851

75||

15,0141

441

3.0

60||

8,862(
3,1091

128
-164

1.5
-5.0

12*9511

1,961

17.8

6,4731

920

16.6

14,2621
3,724|

2,911
663

25.6
22.3

91,1931

11,775

14.8

711
II

8,135
4,194|
3,9411
1,8361
3,221!
105

21.4
19V8
23.4
14.7
21.2
21.9

II

-911
It
171M
It
noil
II
It
II
25011
46||

11
82411
II
31011
23511
30811
23611
25211
-12H
-3311

25,8501
17,7401
26,4221
21,2811
15,5161
21,0621
2,3211

3,003
2,070
3,673
2,727j
2,719
2,030
350

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER C R E D I T S ) .
EXCLUDES 30 DAY CHARGE CREDIT HELD BY RETAILERS. AlSO EXCLUDES OIL AND GAS COMPANIES, AND TRAVEL AND ENTERTAINMENT
COMPANIES AMOUNTING TO $2403 MILLION AT THE END OF DECEMBER.
THIS REPRESENTS A DECREASE OF $9 MILLION FROM THE
END OF NOVEMBER ON A SEASONALLY ADJUSTEO BASIS AND AN INCREASE OF Si8 MILLION ON AN UNADJUSTED BASIS.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS, AND AUTO DEALERS.
NOTE :

N G

I CHANGE FROM END
DEC. 1976
| OF
PKR
| AMOUNT
CENT
} N • * • * ,

II
11
II
II

(1
356||

385|

1
I,734|
1,250|
2,148»
1,678|
1,033|
2,673|
159|

2,907||
1.591M
1,316||
92211
X,13*1 I
46||

1

1
1

269611

II
11
11
II
5 , 0 3 1 | | 132811
It
II

|

2,9911
1,6321
1,360|
8551
1,1951
48|

S.A.||

END OF
DEC.
1977
N.S.A.

II
II

1
4,6671

390|

||

D U T S T A N 0 I
-

I I (1) I I

II
II
II
II

1

3751
i

I I NET I I
1 I CHG I |
i| l| D1 9E7C7.1I 1I

1
1
1

5,089)

3701
i

1,9371
1,4271
2,966|
2,3661
1,2651
4,077|

OEC.

1977
^.S.A.

1

3,182|
1,733|
1,449|
1,0081
1,4271 1
36| 1

j

1
1
|

15,2361

16,826|

1

1

DEC.
1976
S.A.

1

1
1
1
1

l
1

5,654|

|
|
|

RESPECTIVELY.

13.1
13.2
16.1
14.7
21.2
10.7
17.8