Full text of G.19 Consumer Credit : December 7, 1999
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G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) October 1999 December 7, 1999 Outstanding consumer credit grew at a 3-3/4 percent annual rate in October. Nonrevolving credit accelerated in October, while revolving credit edged down. September consumer credit growth was revised down from 5-1/4 percent to 3 percent after data were received from bank call reports. CONSUMER CREDIT OUTSTANDING1 Seasonally adjusted 1998 Percent change at annual rate2 Total Revolving Nonrevolving3 Amount: billions of dollars Total Revolving Nonrevolving3 Q3 1999 Q4 Q1 Q2 Q3 r r Aug r Sep Oct p 1994 1995 1996 1997 1998 14.5 18.0 12.5 14.1 21.2 9.7 7.9 12.7 4.6 4.4 6.4 2.9 5.4 5.5 5.3 6.2 4.9 7.2 5.3 6.3 4.6 9.9 4.6 14.0 4.5 8.1 1.9 5.6 4.2 6.6 6.0 2.5 8.6 3.1 0.1 5.3 3.7 -0.6 6.9 960.7 365.6 595.1 1,096.0 443.2 652.8 1,182.4 499.5 682.9 1,234.1 531.3 702.8 1,300.5 560.7 739.8 1,283.3 551.9 731.4 1,300.5 560.7 739.8 1,332.8 567.1 765.7 1,347.8 578.5 769.3 1,366.7 584.6 782.1 1,363.2 584.5 778.7 1,366.7 584.6 782.1 1,370.9 584.3 786.6 TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES4 Percent except as noted: not seasonally adjusted Institution, terms, and type of loan Commercial banks Interest rates 48-mo. new car 24-mo. personal Credit card plan All accounts Accounts assessed interest 8.12 13.19 9.57 13.94 9.05 13.54 9.02 13.90 8.72 13.74 8.71 13.45 8.62 13.75 8.34 13.41 8.30 13.26 8.44 13.38 8.44 13.38 n.a. n.a. n.a. n.a. 15.69 15.77 15.90 15.64 15.63 15.50 15.77 15.57 15.71 15.59 15.83 15.85 15.69 15.54 15.41 14.73 15.21 14.94 15.08 14.79 15.08 14.79 n.a. n.a. n.a. n.a. New car loans at auto finance companies Interest Rates 9.79 Maturity (months) 54.0 Loan-to-Value Ratio 92 Amount financed (dollars) 15,375 11.19 54.1 92 16,210 9.84 51.6 91 16,987 7.12 54.1 92 18,077 6.30 52.1 92 19,083 6.05 52.6 93 19,060 6.52 52.7 92 19,507 6.32 52.8 92 19,424 6.56 52.5 92 19,565 6.48 51.9 92 20,013 6.28 51.7 92 20,012 6.47 52.1 92 20,154 7.07 53.2 92 20,335 This release is issued around the fifth business day of each month. The exact date and time may be obtained by calling (202) 452 - 3206. Footnotes appear on reverse. CONSUMER CREDIT OUTSTANDING (Billions of dollars) Not seasonally adjusted 1998 1994 1995 1996 1997 1998 Q3 Q4 Q1 Q2 1999 r r Q3 Aug r Sep Oct p Total 983.9 1,122.8 1,211.6 1,264.1 1,331.7 1,286.6 1,331.7 1,319.3 1,340.4 1,370.2 1,364.4 1,370.2 1,376.0 Major holders Total Commercial banks Finance companies Credit unions Savings institutions Nonfinancial business Pools of securitized assets5 983.9 1,122.8 1,211.6 1,264.1 1,331.7 1,286.6 1,331.7 1,319.3 1,340.4 1,370.2 1,364.4 1,370.2 1,376.0 458.8 502.0 526.8 512.6 508.9 497.9 508.9 494.0 477.8 472.5 476.6 472.5 472.2 134.4 152.1 152.4 160.0 168.5 159.1 168.5 167.8 173.6 173.0 177.3 173.0 174.2 119.6 131.9 144.1 152.4 155.4 154.3 155.4 155.8 158.2 164.1 162.4 164.1 165.9 38.5 40.1 44.7 47.2 51.6 50.3 51.6 53.6 57.2 60.1 59.1 60.1 61.0 86.6 85.1 77.7 78.9 74.9 65.5 74.9 67.1 68.0 67.6 68.9 67.6 68.1 146.1 211.6 265.8 313.1 372.4 359.4 372.4 380.9 405.6 433.0 420.1 433.0 434.5 Major types of credit6 Revolving Commercial banks Finance companies Credit unions Savings institutions Nonfinancial business Pools of securitized assets5 383.2 182.0 25.9 13.2 9.2 56.8 96.1 464.1 210.3 28.5 15.5 8.4 53.5 147.9 522.9 228.6 32.5 17.8 10.3 44.9 188.7 555.9 219.8 38.6 19.6 11.4 45.0 221.5 586.5 210.3 32.3 19.9 12.5 39.2 272.3 549.0 197.6 28.4 18.8 11.1 33.7 259.3 586.5 210.3 32.3 19.9 12.5 39.2 272.3 561.4 190.0 31.2 18.7 12.4 33.8 275.3 572.5 178.0 32.4 18.9 12.8 34.6 295.8 581.4 168.9 30.7 19.5 13.5 34.2 314.6 580.7 170.3 33.0 19.3 13.2 35.4 309.4 581.4 168.9 30.7 19.5 13.5 34.2 314.6 583.1 167.3 31.5 19.5 13.7 34.7 316.5 Nonrevolving Commercial banks Finance companies Credit unions Savings institutions Nonfinancial business Pools of securitized assets5 600.7 276.8 108.5 106.4 29.3 29.8 49.9 658.7 291.7 123.7 116.5 31.7 31.5 63.7 688.7 298.2 119.9 126.3 34.4 32.8 77.1 708.2 292.7 121.4 132.8 35.7 34.0 91.6 745.2 298.6 136.2 135.5 39.2 35.7 100.1 737.6 300.3 130.8 135.6 39.2 31.8 100.0 745.2 298.6 136.2 135.5 39.2 35.7 100.1 757.9 304.0 136.6 137.0 41.3 33.4 105.6 768.0 299.7 141.2 139.3 44.4 33.4 109.9 788.7 303.6 142.2 144.6 46.6 33.3 118.4 783.7 306.3 144.3 143.1 45.9 33.5 110.7 788.7 303.6 142.2 144.6 46.6 33.3 118.4 792.9 304.9 142.7 146.5 47.3 33.5 118.0 1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 2. Percent changes calculated from unrounded data. 3. Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 4. Interest rates are annual percentage rates (APR) as specified by the Federal Reserve’s Regulation Z. Interest rates for new-car loans and personal loans at commercial banks are simple unweighted averages of each bank’s most common rate charged during the first calendar week of the middle month of each quarter. For credit card accounts, the rate for all accounts is the stated APR averaged across all credit card accounts at all reporting banks. The rate for accounts assessed interest is the annualized ratio of total finance charges at all reporting banks to the total average daily balances against which the finance charges were assessed (excludes accounts for which no finance charges were assessed). Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month. 5. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 6. Includes estimates for holders that do not separately report consumer credit holding by type. r=revised. p=preliminary.