Full text of G.19 Consumer Credit : March 7, 2005

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G.19

CONSUMER CREDIT

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

January 2005

March 7, 2005

Consumer credit increased at an annual rate of 6-1/2 percent in January, up from a 4-3/4 percent pace in the fourth quarter. Both revolving and nonrevolving credit posted moderate gains in January.

CONSUMER CREDIT OUTSTANDING1
Seasonally adjusted
2003

Percent change at annual rate2,3
Total
Revolving
Nonrevolving4
Amount: billions of dollars
Total
Revolving
Nonrevolving4

2004

r

2004
r

2005
p
Jan

0.9
0.9
0.9

5.0
8.5
2.8

6.6
8.1
5.6

2,109.6
796.0
1,313.6

2,100.9
790.4
1,310.5

2,109.6
796.0
1,313.6

2,121.1
801.4
1,319.8

Q2

r
Q3

6.3
5.4
6.9

1.9
-1.9
4.2

6.3
10.4
3.9

4.7
5.5
4.2

2,011.3
758.7
1,252.6

2,043.0
768.9
1,274.1

2,052.6
765.2
1,287.4

2,085.0
785.2
1,299.9

2000

2001

2002

2003

Q4

10.7
11.6
10.1

8.0
6.6
9.0

4.5
2.2
5.9

4.5
2.8
5.6

4.9
4.9
4.9

2.2
1.9
2.4

1,705.1
677.7
1,027.4

1,842.2
722.3
1,119.9

1,924.2
738.3
1,185.9

2,011.3
758.7
1,252.6

2,109.6
796.0
1,313.6

Q1

r

Q4

r

Nov

Dec

TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES5
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

9.34
13.90

8.50
13.22

7.62
12.54

6.93
11.95

6.60
11.89

6.82
11.97

6.72
11.88

6.43
11.80

6.55
12.02

6.71
11.84

6.71
11.84

n.a.
n.a.

n.a.
n.a.

15.78
14.92

14.87
14.46

13.40
13.11

12.30
12.73

12.71
13.21

12.34
12.93

12.66
12.41

12.68
12.93

13.01
13.60

12.50
13.92

12.50
13.92

n.a.
n.a.

n.a.
n.a.

New car loans at auto finance companies
Interest Rates
6.61
Maturity (months)
54.9
Loan-to-Value Ratio
92
Amount financed (dollars)
20,923

5.65
55.1
91
22,822

4.29
56.8
94
24,747

3.40
61.4
95
26,295

4.36
60.5
89
24,888

3.80
62.5
94
26,493

3.24
59.7
94
26,470

3.65
60.2
92
25,525

5.54
60.9
85
23,179

5.01
61.3
84
24,376

5.64
60.5
83
23,984

4.97
60.2
85
24,434

5.56
59.3
83
23,939

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
2003
2000
Total

2001

2002

2003

2004

r

Q4

Q1

Q2

2004
r
r
Q3
Q4

Nov

r

Dec

r

2005
p
Jan

1,739.1 1,878.6 1,961.8 2,050.1 2,151.4 2,050.1 2,030.5 2,042.2 2,086.8 2,151.4 2,112.7 2,151.4 2,129.0

Major holders
Total
1,739.1 1,878.6 1,961.8 2,050.1 2,151.4 2,050.1 2,030.5 2,042.2 2,086.8 2,151.4 2,112.7 2,151.4 2,129.0
Commercial banks
554.0 571.8 606.4 661.0 697.4 661.0 649.7 652.7 668.8 697.4 667.4 697.4 686.0
Finance companies
220.5 238.1 237.8 295.4 365.6 295.4 307.4 324.7 352.7 365.6 373.5 365.6 359.0
Credit unions
184.4 189.6 195.7 205.9 217.8 205.9 207.1 211.7 215.0 217.8 217.0 217.8 217.4
Federal government and Sallie Mae 104.0 119.5 129.6 114.6
98.4 114.6 109.8
94.8
99.2
98.4
98.6
98.4 100.8
Savings institutions
64.8
71.1
68.7
77.9
91.3
77.9
81.4
88.1
89.2
91.3
90.6
91.3
91.8
Nonfinancial business
90.0
88.8
86.5
70.3
73.9
70.3
62.5
62.9
59.9
73.9
61.5
73.9
57.6
Pools of securitized assets6
521.3 599.7 637.1 625.0 607.1 625.0 612.6 607.3 602.0 607.1 604.2 607.1 616.3
Major types of credit7
Revolving
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets6

704.2
230.6
37.6
22.2
n.a.
16.6
49.8
347.4

750.3
238.3
31.5
22.3
n.a.
17.9
50.6
389.7

766.7
250.2
38.9
22.2
n.a.
16.3
48.8
390.3

787.7
284.7
37.6
22.4
n.a.
23.8
26.5
392.7

827.5
315.8
43.3
23.8
n.a.
27.9
27.0
389.7

787.7
284.7
37.6
22.4
n.a.
23.8
26.5
392.7

760.9
268.3
37.6
21.6
n.a.
21.5
20.7
391.2

764.6
275.6
39.9
21.6
n.a.
25.1
21.0
381.4

780.2
286.7
45.5
22.4
n.a.
25.5
17.6
382.5

827.5
315.8
43.3
23.8
n.a.
27.9
27.0
389.7

792.3
285.8
49.9
22.8
n.a.
27.1
18.4
388.3

827.5
315.8
43.3
23.8
n.a.
27.9
27.0
389.7

801.7
301.3
45.0
23.4
n.a.
27.5
12.3
392.1

Nonrevolving
1,034.8 1,128.2 1,195.0 1,262.5 1,324.0 1,262.5 1,269.6 1,277.6 1,306.6 1,324.0 1,320.4 1,324.0 1,327.3
Commercial banks
323.4 333.5 356.2 376.4 381.6 376.4 381.4 377.1 382.1 381.6 381.6 381.6 384.7
Finance companies
182.9 206.6 198.8 257.8 322.3 257.8 269.8 284.8 307.2 322.3 323.6 322.3 314.0
Credit unions
162.2 167.3 173.5 183.5 194.0 183.5 185.5 190.1 192.6 194.0 194.2 194.0 194.0
Federal government and Sallie Mae 104.0 119.5 129.6 114.6
98.4 114.6 109.8
94.8
99.2
98.4
98.6
98.4 100.8
Savings institutions
48.2
53.2
52.4
54.0
63.4
54.0
60.0
63.0
63.7
63.4
63.5
63.4
64.3
Nonfinancial business
40.2
38.2
37.7
43.8
47.0
43.8
41.7
42.0
42.3
47.0
43.1
47.0
45.3
Pools of securitized assets6
173.9 209.9 246.8 232.3 217.4 232.3 221.3 225.8 219.5 217.4 215.9 217.4 224.2

1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
2. 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.
3. Percent changes are at a simple annual rate and are calculated from unrounded data.
4. 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.
5. 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.
6. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
7. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised. p=preliminary.