Full text of G.19 Consumer Credit : February 6, 1979

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FEDERAL

RESERVE

statistical

release
FOR IMMEDIATE RELEASE
FEBRUARY 6, 1979

421 (G.19)

CONSUMER INSTALMENT CREDIT - DECEMBER 1978
CONSUMER INSTALMENT CREDIT OUTSTANDING EXPANOED SOMEWHAT FASTER IN DECEMBER,
INCREASING BY $4.31 BILLION COMPAREO WITH $4.10 BILLION IN NOVEMBER. THE AMOUNT OF
GAIN SLIGHTLY EXCEEDED THE PREVIOUS RECORD ADVANCE OF $4.28 BILLION IN MAY, ALTHOUGH
THE ANNUAL PERCENTAGE RATE OF GROWTH (19 PER CENT) WAS 2 PERCENTAGE POINTS LESS
BECAUSE OF THE LARGER CREDIT BASE FOR DECEMBER'S CALCULATION.
THE VOLUME OF CREDIT NEWLY EXTENDED EOGEO UP TO $26.41 BILLION IN DECEMBER
WHILE LIQUIDATIONS OF EXISTING DEBT. DECLINED SLIGHTLY TO $22.10 BILLION, RESULTING
IN THE $4.31 BILLION NET CHANGE. THE PICKUP IN GROWTH OCCURRED MAINLY IN THE
REVOLVING CREOIT CATEGORY; AUTOMOBILE CREDIT ADVANCED LESS RAPIDLY THAN IN NOVEMBER,
AND THE OTHER CATEGORIES NAIN+AINED A STEADY RATE OF GROWTH.
TOTAL CONSUMER NONINSTALMENT CREDIT OUTSTANDING—CREDIT SCHEDULED TO BE
REPAID IN A LUMP SUM, INCLINING SINGLE PAYMENT LOANS, CHARGE ACCOUNTS, AND SERVICE
CREDIT—AMOUNTED TO $61.7 BILLION AT THE END OF 1978, AN INCREASE OF $3.1 BILLION
FROM THE REVISED 1977 ESTIMATE.

(IN MILLIONS OF DOLLARS)
DEC. 1978 f NOV. 1978 1 D E C 1978 I DEC. 1977 |LATEST 12 MONTHS
KNOT SEAS.ADJ.)
(NOT SEAS, ADJ.)
(SEASONALLY ADJ.)
1
.j
24,534I
27,3981
298,494
26,2141
26,4131

INSTALMENT CREDIT
AMOUNT EXTENDED:
AUTOMOBILE
REVOLVING (1)
MOBILE HOMES
OTHER
AMOUNT LIQUIDATED

I

I

7,734|
9,4241
5341
8,7211

7,7871
9,1761
4861
8,7651

I
I

I
I

22,1001

22,1151

AUTOMOBILE
REVOLVING (1)
MOBILE HOMES
OTHER

I
I
I

(2)

21,2831

4,0991

I

1,6811
8691
1031
1,660|

AMOUNT OUTSTANDING,
END OF MONTH

1
I

I
.I

1
I
4,313|
I

NET CHANGE IN AMOUNT
OUTSTANDING:

!
6,457|
llt743|
4361
8,7621

(2)

6,1151

5,6241

1
I

274,9941
INSTALMENT CREDIT FLOWS, QUARTERLY AVERAGES
(SEASONALLY ADJUSTED ANNUAL RATES)
TOTAL
INSTALMENT
CREDIT
EXTENSIONS
LIQUIDATIONS
NET CHANGE




(MILLIONS OF DOLLARS)
1978IV

1 1978III 1 1978II

313,5401
266,3961
47,1441

304,9121
261,8001
43,1121

I 19781

301,4041
251,032)
50,3721

I
J 1977IV

274,6641
237,164|
37,5001

I
1 1978IV

270,3681
228,8361
41,5321

18,9101

I
I

8201
3,5281
50!
It717|

I
1
I

I
I

I
I
I

l»755l
6651
751
l,604|

I
6,0061
10,287|
3881
7,8531

I
9901
3,2601
16|
1,3581

1
1

88,903
104,587
6,092
98,912
253,508
44,986
(41
(4)
(4)
(4)
(2)

230,8291

AS PER CENT OF DISPOSABLE
PERSONAL INCOME
| 1978III 1 197£II 1 19781

20.71
17.61
3.11

20.81
17.81
2.9|

21.Oj
17.5J
3.51

I 1977IV

19.71
17.0|
2.71

NOTE: THE BOARD*S SERIES COVERS HOST SHORT- AND INTERMEDIATE-TERM CREDIT EXTENDED
TO INDIVIDUALS THROUGH REGULAR BUSINESS CHANNELS, USUALLY TO FINANCE THE
PURCHASE OF COHSWIER GOODS AND SERVICES OR TO REFINANCE DEBTS INCURRED FOR
SUCH PURPOSES, ANO SCHEOULED TO BE REPAID (OR WITH THE OPTION OF REPAYING)
IN TWO OR MORE INSTALMENTS.^ DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING.
(1)
CREDIT CARDS AT RETAILERS, GASOLINE COMPANIES AND COMMERCIAL BANKS, AND
CHECK CREDIT AT COMMERCIAL BANKS.
NOT APPLICABLE OR NOT AVAILABLE.
A VALUE FOR THE UNADJUSTED NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON THE NEXT
(3?
TO LAST COLUMN ON THE NEXT PAGE, BUT MAY VARY SLIGHTLY, DUE TO DIFFERENT
AGGREGATION METHODS.
(4)
FGR VALUES SEE THE NEXT TO LAST COLUMN ON THE NEXT PAGE UNDER THE HEADING
"CHANGE FROM END OF DECEMBER 197? AMOUNT N.S.A,"

m

(3)

19.9
16.8
3.1

CONSUMER INSTALMENT CREDIT BY HOLDER AND TYPE

DEC. 1978

( I N MILLIONS OF DOLLARS)

E X T E N D E O

1

DEC.
1978
S.A.

HOLDER AND TYPE

NOV.
1978
S.A.

1
|
1

OEC.
1977
S.A.

!
DEC.
!
1978
I N.S.A.

11
!1
!1

DEC.
1978
S.A.

NOV.
1978
S.A.

1

J
!
!

DEC.
1977
S.A.

1
!

TOTAL

26,413

26,2141

1
1

BY MAJOR HOLDER
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS ( 2 )
SAVINGS AND LOANS
GASOLINE COMPANIES
MUTUAL SAVINGS BANKS

1
I
1
I

AUTOMOBILE
COMMERCIAL BANKS
INDIRECT PAPER
DIRECT LOANS
CREDIT UNIONS
FINANCE COMPANIES

1
1

REVOLVING

1

22,100

10,9071
3,719!
3,0351
3,465!
335!
1,285|
85!

12,1031
4,874!
3,239!
5,163)
475!
1,3681
176!

10,441 1
3,581
2,753
3,416
401 1
1,355
153 1

10,55l|
3,494!
2,7511
3,385!
401!
1,377|
1561

6,053

7,734

7,787|

!
!
|

6,8891

6,4571 1

4,344
2,451
lt893!
1,7381
1,652

4,503!
2,4221
2,081!
1,T18|
1,566|

4,266(
2,3581
1,9081
1,475|
1,148!

3,504!
1,971!
1,533|
1,555!
1,3981

9,424

9,1761

7,985!

4,814 1
3,159
1,451
534

MOBILE HOMES

27,3981 1

12,4761
4,512!
3,5301
3,571!
489|
l,376|
2601
1
1

22,115!

21,283! !

19,252

4313! !

274,994

44,165

1
!
1
!
!
!
1

8,946
3,029
2,432
3,145 1
298
1,261
141 1

9,880! I 2013! 1
3,6861 1 1078! !
2,6051 !
7731 1
1961 1
3,2931 (
1151 I
372! 1
1,301! !
96) 1
146| t
42! !

137,413 25,040
9,441
54,309!
8,334!
45,939
-484
23,006
8,394
1,040
277!
3,240
517
2,693

6,0321

5,252

5 , 6 3 7 ! 1 16811 I

102,385

3,598
It921|
1,677
1,347
1,108

3,664(
1,982|
1,682!
1,354!
1,0141

3,261
1,762
1,499 1
1,206
785

3,370! I
1,830! 1
1,5401 1
1,2521 1
1,0151 1

746! 1
530! !
216! 1
39l|1
5441 1

60,481
33,850
26,631
21t967|
19,937

11,743! 1

8,555

8,5111

7,226 I

8,215! I

869| f

3,6221
3,077!
It285|

5,712! !
4,6631 !
1,368! !

4,204
2,996
1,355

4,146!
2,9881
1,377!

3,239 1
2,726
1,261 1

4,0021 1
2,9121 1
1,3011 f

4861

4571

4361 I

431

4111

398 1

2801
77!
108!
211

307!
601
72!
18!

2461
63!
106!
19|

1
!
1
1

274
63
81
13

2611
621
74J
14!

250 1
68
69
11

7,061

7,1611

6,376

2,365
2,410
1,393
420!
320|
153

2,480!
2,4181
1,3831
3971
327|
1561

2,196
2,176
1,215
419
229
141

j

!

COMMERCIAL BANKS
RETAILERS
GASOLINE COMPANIES

22,8321

19.1

1
1
1
1

12,454
4,659
3,526
3,612
516
1,451
195 1

BY MAJOR CREDIT TYPE

1 1 NET | I 0 U T S T A N 0 I N G
! CHG 1
1
DEC.
! ! P E C l ! END OF | CHANGE FROM END
OF OEC. 1 9 7 7
OEC.
1978
1 I 19781 !
AMOUNT]
1978
PER
N.S.A. ! 1 S.A.I I
CEMT
N.S.A.
1 ( I ) 1I N.S.A.

L I Q U I D A T E D

INSTALMENT CREDIT BY

4,702!
3,0981
1,3761

!

!
1
!
!
1

*

22.3
21.0
22.2
-2.1
14.1
9.3
23.8

19,474

23.5

10,904
6,471
4f433
3,868
4,702

22.0
23.6
20.0
21.4
30.9

45,300

6,026

15.3

610! 1
163! (
96! !

24,434
17,626
3,240

6,060 !
-311!
277

33.0
-1.7
9.3

,3861 1

103! 1

17,349

2,208

14.6

242! 1
611 1
71! !
12! 1

53| I
11!1
30| 1
9( I

10,860
3,152
2,848 1
489

1,736 1
75
310 1
87

19.0
2.4
12.2
21.6

!

COMMERCIAL BANKS
FINANCE COMPANIES*
SAVINGS AND LOANS
CREDIT UNIONS

I
1

8,721

OTHER
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS
SAVINGS AND LOANS
MUTUAL SAVINGS BANKS I

(1)
(2)
(3)




327
74|
111
22

2,969
2,933
1,766
453
405
195|

!
8,765!

1
2,9911
2,869!
It791|
473!
381!
2601

7,501!

8,7621 !

2,712!
2,511|
1,5421
388!
263!
85!

2,639!
3,413!
1,665!
500!
369!
1761

!
1
1
!
f
!

7,045! 1 lt}60! 1

.

2,2661
2,610!
1,3411
3811
3011
146!

1
!
1
!
1
!

604! 1
5231 I
373! 1
331 !
851 1
42! 1

109,960
41,636
31,220
23,483
5,380
5,546
2,693

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER CRE0ITS1.
EXCLUOES 30-DAY CHARGE CREDIT HELD BY RETAILERS, GASOLINE COMPANIES, AND TRAVEL AND ENTERTAINMENT COMPANIES.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS, ANO AUTO DEALERS.
NOTE:

S.A. AND N.S.A. DENOTE SEASONALLY ADJUSTED AND NOT SEASONALLY ADJUSTED DATA, RESPECTIVELY.
DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING.

16,457
6,340
4,664
4,379
-173 1
730 1
517 1

17.6
18.0
17.6
22.9
-3.1
15.2
23.8

NOTE

The consumer instalment credit series covers most short- and
intermediate-term credit extended to individuals through regular business
channels, usually to finance the purchase of consumer goods and services or
to refinance debts incurred for such purposes, and scheduled to be repaid
(or with the option of repaying) in two or more instalments.
The series excludes certain types of arrangements by which household expenditures are financed. It generally excludes mortgage financing,
which is reported elsewhere, although some credit secured by junior liens on
real estate may be reported in the data for certain holders such as finance
companies. Also excluded are (a) extensions of funds against the cash value
of life insurance policies or generally against savings accounts; (b) noninstalment credit to individuals; and (c) loans to farmers. Some components
of the series include unearned (precomputed) finance charges.
Historical data as well as additional information about the series
are available from the Mortgage and Consumer Finance Section, Division of
Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Other regular Federal Reserve publications containing consumer
credit stock and/or flow statistics are: monthly—the Bulletin, and the
finance company release "422;" and quarterly—the Flow of Funds Accounts
release "780" and the Commercial Bank Report of Condition. The two quarterly
reports include data for noninstalment credit. In addition, the Report of
Condition provides separate commercial bank instalment loan detail for credit
card and check credit, home improvement credit, personal loans, and other
consumer instalment credit. Consumer data also appear in the Federal Reserve's
Annual Statistical Digest. Finally, a semi-annual joint publication of the
Federal Reserve, the Office of the Comptroller of the Currency, and the
Federal Deposit Insurance Corporation, entitled "Assets and Liabilities of
Commercial and Mutual Savings Banks," contains regional and state data for
consumer credit held by commercial banks and mutual savings banks. The
publication can be obtained upon written request to the Data Requests and
Surveys Section, Division of Management Systems and Financial Statistics,
Federal Deposit Insurance Corporation, 550 17th Street, N.W., Washington,
D.C. 20006