Full text of G.19 Consumer Credit : July 8, 2004

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G.19

CONSUMER CREDIT

For release at 3 p.m. (Eastern Time)

May 2004

July 8, 2004

Consumer credit increased at an annual rate of 5 percent in May, following a 3 percent increase in April. Revolving credit posted a 2-1/2 percent gain and nonrevolving credit rose 6-1/4 percent.

CONSUMER CREDIT OUTSTANDING1,2
Seasonally adjusted
2003
r

r

r
2001

r
2002

r
2003

7.6
3.8
10.1

10.6
11.4
10.1

8.0
6.6
9.0

4.2
1.4
5.9

4.3
2.1
5.6

4.1
3.2
4.7

5.2
0.7
8.0

5.3
2.5
6.9

2.2
1.8
2.4

6.3
5.6
6.6

2.8
-2.1
5.7

3.1
-5.0
7.9

4.9
2.6
6.2

1,519.9
597.1
922.8

1,692.6
665.2
1,027.4

1,828.8
708.9
1,119.9

1,905.0
719.1
1,185.9

1,986.7
734.1
1,252.6

1,924.7
724.9
1,199.9

1,949.9
726.1
1,223.8

1,975.7
730.7
1,245.0

1,986.7
734.1
1,252.6

2,017.7
744.3
1,273.4

2,017.7
744.3
1,273.4

2,023.0
741.2
1,281.8

2,031.2
742.8
1,288.4

1999
Percent change at annual rate3,4
Total
Revolving
Nonrevolving5
Amount: billions of dollars
Total
Revolving
Nonrevolving5

2000

r

Q1

r
Q2

2004
r
Q3

r

Q4

r

Q1

r

Mar

Apr

r

p

May

TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES6
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

8.44
13.39

9.34
13.90

8.50
13.22

7.62
12.54

6.93
11.95

7.11
11.70

7.05
12.19

6.75
11.95

6.82
11.97

6.72
11.88

n.a.
n.a.

n.a.
n.a.

6.47
11.80

15.21
14.81

15.71
14.91

14.89
14.44

13.43
13.09

12.74
12.92

13.20
12.85

12.90
12.82

12.49
13.11

12.36
12.91

12.66
12.41

n.a.
n.a.

n.a.
n.a.

12.68
12.93

New car loans at auto finance companies
Interest Rates
6.66
Maturity (months)
52.7
Loan-to-Value Ratio
92
Amount financed (dollars)
19,880

6.61
54.9
92
20,923

5.65
55.1
91
22,822

4.29
56.8
94
24,747

3.40
61.4
95
26,295

3.65
59.1
96
25,486

2.61
61.1
97
27,468

3.55
63.0
94
25,733

3.80
62.5
94
26,493

3.24
59.7
94
26,470

3.51
59.5
93
25,873

3.60
59.9
93
25,918

3.32
60.2
92
25,854

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

r

1999
Total

r
2000

r
2001

r
2002

r
2003

r
Q1

2003
r
r
Q2
Q3

r

Q4

r
Q1

2004
r
r
Mar
Apr

p

May

1,550.2 1,726.5 1,865.2 1,942.6 2,025.5 1,912.7 1,940.0 1,977.5 2,025.5 2,005.3 2,005.3 2,009.7 2,022.3

Major holders
Total
1,550.2 1,726.5 1,865.2 1,942.6 2,025.5 1,912.7 1,940.0 1,977.5 2,025.5 2,005.3 2,005.3 2,009.7 2,022.3
Commercial banks
499.8 541.5 558.4 587.2 636.4 575.3 584.2 593.7 636.4 624.7 624.7 631.4 638.9
Finance companies
201.6 220.5 238.1 237.8 295.4 233.2 244.3 284.0 295.4 307.2 307.2 307.4 312.5
Credit unions
167.9 184.4 189.6 195.7 205.9 194.0 198.9 203.4 205.9 207.7 207.7 208.6 210.6
Federal government and Sallie Mae
84.7 104.0 119.5 129.6 114.6 125.9 120.4 122.5 114.6 109.8 109.8 109.5 109.1
Savings institutions
61.7
64.8
71.1
68.7
77.9
68.6
73.8
72.7
77.9
81.5
81.5
83.2
85.0
Nonfinancial business
86.0
90.0
88.8
86.5
70.3
75.6
75.1
74.7
70.3
62.1
62.1
61.8
63.6
Pools of securitized assets7
448.4 521.3 599.7 637.1 625.0 640.2 643.3 626.6 625.0 612.4 612.4 607.8 602.6
Major types of credit8
Revolving
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets7

621.1
189.4
32.5
20.6
n.a.
15.4
48.5
314.8

Nonrevolving
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets7

929.1 1,034.8 1,128.2 1,195.0 1,262.5 1,195.6 1,214.5 1,251.4 1,262.5 1,268.9 1,268.9 1,272.7 1,280.2
310.4 323.4 333.5 356.2 376.4 362.8 366.7 378.1 376.4 381.4 381.4 384.3 384.9
169.2 182.9 206.6 198.8 257.8 196.9 209.6 246.7 257.8 269.6 269.6 270.1 275.6
147.3 162.2 167.3 173.5 183.5 173.3 177.8 182.1 183.5 186.1 186.1 187.3 189.3
84.7 104.0 119.5 129.6 114.6 125.9 120.4 122.5 114.6 109.8 109.8 109.5 109.1
46.3
48.2
53.2
52.4
54.0
52.6
54.6
53.2
54.0
59.5
59.5
60.6
61.6
37.5
40.2
38.2
37.7
43.8
38.6
38.7
38.7
43.8
41.3
41.3
41.4
41.7
133.6 173.9 209.9 246.8 232.3 245.6 246.6 230.1 232.3 221.0 221.0 219.4 217.9

691.7
218.1
37.6
22.2
n.a.
16.6
49.8
347.4

737.0
224.9
31.5
22.3
n.a.
17.9
50.6
389.7

747.5
231.0
38.9
22.2
n.a.
16.3
48.8
390.3

763.1
260.1
37.6
22.4
n.a.
23.8
26.5
392.7

717.1
212.5
36.3
20.7
n.a.
16.0
37.0
394.6

725.5
217.5
34.6
21.1
n.a.
19.1
36.4
396.8

726.1
215.5
37.3
21.3
n.a.
19.5
35.9
396.5

763.1
260.1
37.6
22.4
n.a.
23.8
26.5
392.7

736.4
243.3
37.6
21.5
n.a.
21.9
20.7
391.3

736.4
243.3
37.6
21.5
n.a.
21.9
20.7
391.3

737.0
247.1
37.3
21.2
n.a.
22.6
20.4
388.4

742.1
254.0
36.9
21.3
n.a.
23.4
21.9
384.7

1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
2. Nonfinancial business data have been benchmarked to source data and revised back to 1998. Seasonally adjusted series have been revised from January 1998 forward as a result of new
seasonal factors.
3. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data. Growth rates are adjusted to exclude the effect of such breaks.
4. Percent changes are at a simple annual rate and are calculated from unrounded data.
5. 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.
6. 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.
7. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
8. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised. p=preliminary.