Full text of G.19 Consumer Credit : February 7, 1977

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FEDERAL

RESERVE

statistical

release
FOR IMMEDIATE RELEASE
FEBRUARY 7* 1977

CONSUMER INSTALMENT CREOIT -

DECEMBER 1976

CONSUMER INSTALMENT CREOIT OUTSTANDING INCREASED DURING DECEMBER BY
$1.82 BILLION, THE LARGEST SEASONALLY ADJUSTED AOVANCE IN 3-1/2 YEARS. THE INCREASE
COMPARED WITH A $1.24 BILLION INCREASE DURING NOVEMBER ANO WAS THE LARGEST SINCE
OUTSTANDINGS JUMPED BY 11.90 BILLION IN JULY 1973. A RECORD GAIN IN AUTOMOBILE CREOIT
OF »1.0i BILLION LEO THE ADVANCE.
THE VOLUME OF NEW CREDIT EXTENDEO AT $16.70 BILLION ROSE SHARPLY FROM
NOVEMBER WHILE THE INCREASE IN LIQUIDATIONS OF EXISTING DEBT TO $14.86 BILLION
WAS LESS PRONOUNCED. RESULTING IN THE LARGER NET EXPANSION FOR DECEMBER.
SEASONALLY ADJUSTED EXTENSIONS OF AUTOMOBILE CREDIT WERE $5.26 BILLION* A GAIN
OF NEARLY 14 PERCENT FROM NOVEMBER. CREDIT EXTENOEO THROUGH BANK CARDS ROSE TO
$2.22 BILLION, A 1.7 PERCENT INCREASE. BANK CARD LIQUIDATIONS ROSE MORE RAPIDLY,
HOWEVER, REACHING $2.25 BILLION, WHICH RESULTED IN A SMALL DECLINE IN THE SEASONALLY
ADJUSTED NET CHANGE IN OUTSTANDINGS.
MOBILE HOME CREDIT EXTENDEO ROSE SHARPLY AT COMMERCIAL BANKS, GENERATING THE
FIRST POSITIVE NET CHANGE IN OUTSTANDINGS IN 13 MONTHS. HOME IMPROVEMENT EXTENSIONS HELD
STEADY, WHILE EXTENSIONS OF "ALL OTHER* INSTALMENT CREDIT ADVANCED TO JUST OVER
$8 BILLION, A 2.6 PERCENT GAIN.
TOTAL CONSUMER NONINSTALMENT CREDIT OUTSTANDING—CREOIT SCHEDULED TO BE REPAID
IN A LUMP SUM, INCLUDING SINGLE PAYMENT LOANS, CHARGE ACCOUNTS, AND SERVICE C R E O I T —
AMOUNTED TO $39.0 BILLION AT THE END OF 1976, AN INCREASE Of $4.0 BILLION FROM THE ENO
OF 1975.
U N MILLIONS OF DOLLARS)
I DEC. 1976 I NOV. 1976 I OEC. 1976 I DEC. 1975 (LATEST 12 MONTHS
I (SEASONALLY ADJ.)
|
INOT SEAS.ADJ.)
|IN0T SEAS.AOJ.)

INSTALMENT CREDIT, TOTAL

16*7021

AMOUNT EXTENOEO*

15,7631

I

AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING 11)
ALL OTHER

5*2631
3201
4611
2*2171
4261
8*0151
14*8791

I
4,0931
2531
3261
2*4571
4481
9»369|

I
I

14,6671

NET CHANGE IN AMOUNT
OUTSTANDINGS

I

I

1*0131
161
731
-331
71
747)

4971
-391
-171
7461
741
2*1021

4771
-59|
1031
711
61
6451

I
I
I

(2)

3»441|

I,244|

I

AMOUNT OUTSTANDING*
ENO OP MONTH

I
I

I
I

1,8231

AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT.
BANK CREDIT CARD
OTHER REVOLVING 11)
ALL OTHER

I
I

14,5201

I
I

16,945|

I
4*5631
2461
3551
2*9631
4791
9*7031

I
I

AMOUNT LIQUIOATtD

18*309)

I
4,6321
2611
4641
2*181|
4101
7,B15|

•
I

I
(2)

I

178,7751

r

I
13*9251

I
I
3*020|

I
2721
-83|
-201.
6211
731
2*1571

186*221
55*807
3*139
5*034
25*481
4*832
91*928
169*602
16*539 15)
(6)
16)
16)
(6)
(6)
(6)

I
I

162*237)

12)

HOLDER SHARES OF INSTALMENT CREDIT
U N PEA CENT)
HOLDER
COMMERCIAL BANKS
FINANCE COMPANIES
CREOIT UNIONS
RETAILERS (3)
OTHERS (4)

I
SHARE OF EXTENSIONS
I MONTH-ENO SHARE OF OUTSTANDINGS
I
(SEASONALLY ADJ.)
)
(NOT SEASONALLY ADJ.)
I DEC. 19761 NOV. 1976| DEC. 1975) DEC. 1 9 7 6 | NOV. 19761 OEC. 1975
49.01
18.91
16.11
14.81
1.2)

1
1
1
)
|

47.51
19.4|
15.21
15.71
2.21

48.51
10.91
15.61
16.01
1.0|

47.0|
22.21
17.11
10.71
2.21

48.11
22.31
17.11
10.11
2.4|

48.5
22.6
15.6
11.1

2.2

INSTALMENT CREOIT PLOWS* QUARTERLY AVERAGES
(SEASONALLY ADJUSTED ANNUAL RATES)
TOTAL
INSTALMENT
CREOIT
EXTENSIONS
LIQUIDATIONS
NET CHANGE

I
I
I 1976IV

(MILLIONS OP OOLLARS)
I 19761II | 1976II

194,0791
175,559)
18,520|

186*8031
170*0531
16*7501

) 19761

1B2*541|
165*6121
16*9291

I I9751V

182*793)
168*000)
14, 792 J

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




| 19761V

177,659|
161,682)
15,977)
(3)
14)
(5)

(6)

AS PER CENT OF DISPOSABLE
PERSONAL INCOME
I 1976III | 1976II I 19761

15.9)
14.4|
1.51

15.71
14.31
l.4|

15.6)
14.1)
1.41

I 19751V

15.91
14.61
1.3)

15.9
14.4
1.4

RETAIL STORES AND CATALOG ORDER.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS,
ANO AUTO DEALERS.
A VALUE 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 END OF DECEMBER
1975 AMOUNT N.S.A.*

CONSUMER

INSTALMENT CREDIT BY HOLDER AND TYPE -

DEC. 1976

(IN MILLIONS OF DOLLARS)

L I Q U 1 D A T E D

E X T E N 0 E D
INSTALMENT C R E D I T * BY 1
DEC.
1976
S.A.

HOLDER AND TYPE

1

16,702

TOTAL

NOV.
1976
S.A.

!

15*763

DEC.
1975
S.A.

|

15*226

DEC.
1976
N.S.A.

|
|
|

18*3091

DEC.
1976
S.A.

1

14,879

NOV.
1976
S.A.

DEC.
1975
S.A.

1

14*520

13*737 !

DEC.
1976
N.S.A.

11
1
1I
|1
|1
1

NET 1 1 0 U T S T A N D I N G
CHG I
D E C . 1 1 END OF CHANGE FROM END
19761 1 DEC.
OF D E C . 1 9 7 5
S . A . I 1 1976
AMOUNT 1 PER
( 1 ) 1 I N . S . A . 1 N . S . A . 1 CENT

1 4 * 8 6 7 11 1 8 2 3 ! !

178.775

16*538 !

10.2

85*379 1
39*642 1
30,5461
19*178 1
4*030

6*675
2*947 !
5*192 1
1*176 1
547

8.5
8.0
20.5
6.5
15.7

BY HOLDER
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS
(2)
OTHERS
(39

1

8,182
3,157 1
2,688
2*^80 1
194 \

7*486
3*059
2*395 !
2*467
356

7*383
2*870
2*381
2*431
161

8*1971
3*562|
2*5971
3*8291 1
124| 1

7*269 1
2*793
2*151 1
2*4161
249 1

7*105
2*814
2*000 1
2*369
232 1

6*631
2*682
1*910 I
2*306 1
207

7,0961 1
3*0491 1
2*1041 1
2*37711
2411 !

5*263

4*6321

4*640 I

4*5631

4*250

4,155

3*881

4 * 0 6 6 | 1 10131 I

60*498

7,470

14.1

3*170!
1 * 7 2 3 1I
1*4461
9921
1*0511
51!

2*691!
1*426|
1*265|
9271
9571
571

2*8281
1*5821
1*2451
8961
875!
421

2*6501
1,429|
1,220||
90711
979|
271

2*517
1*3931
1*1241
8461
843
43!

2*470
1*356
1»114|
829
813
43

2*374
1*4211
953
7791
691
37

2*4311
1*3621
1*0691
8051
7881
421

3*779
1*269
2*490
1*620 1
1*980 1
91

12.0
7.0
18.9
14.2
20.5
22.6

91311
364|!
537! 1
64|I
- 5 5 11

BY CREDIT TYPE
AUTOMOBILE* TOTAL
COMMERCIAL BANKS
INDIRECT PAPER
DIRECT LOANS
FINANCE COMPANIES
CREDIT UNIONS
OTHERS
(3>

1
!
i
1
1

1
1
1
1
1
1

652!1
3301 1
3221 1
1461 I
20711
8|1

35*313
19*642
15*671
13*059
11*633
493

MOBILE HOME
COMMERCIAL BANKS
FINANCE COMPANIES
HOME IMPROVEMENT, TOTAL !
COMMERCIAL BANKS

267 1
53

207
54

244
69

200|
46|

234
70

250
70

261
83

2211 1
64| 1

321 1
- 1 6 1!

8*233
3,277

-471
-174

-5.4
-5.0

461 !

464

421

355|

388

360

353

3731 1

731!

8*773

769

9.6

288 1

276

268

2161 1

234 1

221

221

2241 !

54| 1

5*381

416

6.4

2*217 I
426 1

2,181
410

1*839
396

2*9631
4791

2*250 !
419

2*110
404

1*832 1
386

2*21811
4051 1

-331!
7|(

11*075
3*010!

1*574
199

16.6
7.1

8*015

7,815

7*617

9*7031

7*268 1

7*170

6*941

7*5211 »

7471 1

63*910

7*172

9.3

1*815
1*3171
2*108 1
1*688 1
1.582 1
2,480 !
301

1*721
1*238
2*072 1
1*696 1
1*389 1
2*4671
166 1

1*809
1*300
1*902 !
1*550 1
1*461
2*4311
14 1

1*689|
1,252| 1
2*6051 1
2*1251 1
1*565| 1
3*829|
15! 1

1*615
1*169 !
1*872 I
1.575 1
1*268 !
2*416 1
96 1

1*649
1,191
1,909
1*535
1,1501
2*369
93

1*556
1*0631
1*815 1
1*455 1
1*187
2,306
771

1*5981 !
1*164| 1
2*1751 1
1*8551 1
1*2781 1
2*3771 1
931 1

199! I
148| 1
23611
1131 1
313! 1
64| 1
-66|1

22*368
15*6061
23,1761
19*0431
17*9931
19*178
1*1931

1,180
9771
1*5231
1*3621
3*056|
1*1761
2371

REVOLVING
BANK CREDIT CARD
BANK CHECK CREDIT
ALL OTHER, TOTAL
CCMN. BANKS, TOTAL
PERSONAL LOANS
FINANCE C O S . , TOTAL
PERSONAL LOANS
CREDIT UNIONS
RETAILERS
OTHERS

(1)
(2)

(3)

!
1
1
!
1
k
1

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS* CHA&GEOFFS, AND OTHER CREDITS).
EXCLUDES 30-OAY CHARGE CREDIT HELO BY RETAILERS. ALSO EXCLUDES OIL AND GAS COMPANIES, AND TRAVEL AND ENTERTAINMENT
COMPANIES AMOUNTING TO $2294 MILLION AT THE END OF DECEMBER.
THIS REPRESENTS AN INCREASE OF $37 MILLION FROM THfc
END OF NOVEMBER ON A SEASONALLY ADJUSTED BASIS AND AN INCREASE OF S80 MILLION ON AN UNAOJUSTED BASIS.
MUTUAL SAVINGS BANKS, SAVINGS A NO LOAN ASSOCIATIONS* AND AUTO DEALERS.
NOTES




S.A. AND N.S.A. DENOTE SEASONALLY ADJUSTED AND NOT SEASONALLY AOJUSTED DATA, RESPECTIVELY.

5.6
6.7
7.0
7.7
20.5
6.5
24.6