Full text of G.19 Consumer Credit : May 3, 1979

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F E D E R A L

R E S E R V E

statistical

release

FOR IMMEDIATE RELEASE
MAY 3, 1979

G.19 1421)

CONSUMER INSTALMENT CREDIT - MARCH 1979
CONSUMER CREDIT EXPANSION INCREASED SOMEWHAT FJRTHER IN MARCH BUT CONTINUED
BELOW LAST YEAR'S PACE. THE 53.T BILLION SEASONALLY ADJUSTED INCREASE DURING MARCH IN
CONSUMER INSTALMENT CREDIT OUTSTANDING WAS EQUIVALENT TO A 16 PERCENT ANNUAL GROWTH RATE.
THE ANNUAL RATE OF GROWTH IN INSTALMENT CREDIT WAS 15 PER CENT DURING THE FIRST QUARTER
OF 1979, AND 19 PER CENT FRC« DECEMBER 1977 TO OECEMBER 1978.
BOTH NEW EXTENSIONS 0* CONSUMER CREDIT AND LIQUIDATION OF EXISTING DEBT ROSE TO
NEW HIGHS IN MARCH. EXTENSIONS WERE U» TO $26.70 BILLION, SLIGHTLY ABOVE THE PREVIOUS
HIGH OF $26.50 BILLION IN DECEMBER. LIQUIDATIONS EDGED UP TO $22.97 BILLION, AS COMPARED
WITH THE PREVIOUS HIGH OF $22.89 BILLION IN FEBRUARY.
REVOLVING CREOIT ACCOUNTED *0R MOST OP THE INCREASED EXPANSION DURING MARCH
IN CONSUMER CREDIT OUTSTANDING. GROWTH IN MOBILE HOME CREDIT AND THE LARGE "OTHER"
CATEGORY ALSO RO*E, WHEREAS AUTOMOBILE GROWTH DECLINED.
(IN MILLIONS OF OQLLARSI

1 MAR. 1979 T FEB. 1979 !
t
1 (SEASONALLY ADJ.)
26.6981
26,232!
1
1
i

INSTALMENT CREDIT
AMOUNT EXTENDED:

1

AUTOMOBILE
REVOLVING (1)
MOBILE HOMES
OTHER

7,797|
9,71*1
5161
8,671!

1

1
J
1
!
I
1

AMOUNT LIQUIDATED

22,967?

AUTOMOBILE
REVOLVING (1)
MOBILE HOMES
OTHER

3,731!!
1,486|
7421
108}
1,395!

I
1

1
21,31*1

1

1

2,529!

3,2931

1
3,308!

(21

1,931!
-109!
79!
1,392!

1,646!
-346!
84!
1,145!

I

t

!

1

(3*

(4)
(4)
(4)
(4)

1
!

i

f 25

44,760

c

!

!

262,539

!

l

1.5651
317!
561
1,370!

91,414
108,309
6,073
101,503

i

1
1

I

!
1

!
!
24,086!

i

1

AMOUNT OUTSTANDING,
END OF MONTH

7,886!
7,9311
506!
8,288!

8,3921
9,021!
514!
8,688!

22,8941

1
l

1
I
!
1
!
»
1

NET CHANGE IN AMOUNT
OUTSTANDINGS

1

1

!
1

307,299

24,6111

26,6151

7,756!
9,357!
454)
8,635!

!
!

1

*AR. 1979 | MAR . 1978 |LATEST 12 MONTHS
INOT SEAS, AOJ .}
K N O T SEAS. AOJ. I

278,347!

233,842!

(2J

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

(MILLIONS OF D0LLARS1
19791

I 1978III ! 1978II

! 19781

!
! 1979!

| 1973IV

!

1

1

1

II

313,776!
273 r 376!
40,4001




AS PER CENT OF 0ISP0SA6LE
PERSONAL INCOME
I 1973III ! 1973II. ! 19781

I 1978IV

313,940!
266,396!
47,544!

!
304,912!
261,8001
43,112!

301,4041
251,032!
50,372!

274,664}
237,160!
37,504!

20.1!
17.51
2.6!

1
20.7|
17«6f
3.1?

!
20»SJ
17.8i
2.9!

-— I —
21.0?
17.51
3.5?

NOTE: THE BOARD'S SERIES COVERS MOST SHORT- AND INTERMEDIATE-TERM CREOIT EXTENDED
TO INDIVIDUALS THROUGH REGULAR BUSINESS CHANNELS, USUALLY TO FINArK.fi THE
PURCHASE OF CONSUMER GOODS AND SERVICES OR TO REFINANCE DEBTS INCURRED FOR
SUCH PURPOSES, ANO SCHEDULED TO BE REPAIO (OR WITH THE OPTION OF REPAYMENT)
IN TWO OR MORE INSTALMENTS. DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNDING.
(1) CREDIT CAKDS AT RETAILERS, GASOLINE COMPANIES AND COMMERCIAL BANKS, AND
CHECK CREOIT AT COMMERCIAL BANKS.
NOT APPLICABLE OR NOT AVAILABLE.
(2)
(3)
A VALUE FOR THE UNADJUSTED NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON THE NEXT
TO LAST COLUMN ON THE NEXT PAGE, BUT MAY VARv SLIGHTLY, DUE TO DIFFERENT
AGGREGATION METHODS.
FOR VALUES SEE THE NEXT TO LAST COLUMN ON THE NEXT PAGE UNDER THE HEADING
(4)
"CHANGE FPOM END OF MARCH 1978 AMOUNT N.S.A."

19.7
17.0
2,7

CONSUMER INSTALMENT CREOIT BY HOLDER AND TYPE -

MAR* 197o

(IN MILLIONS OF DOLLARS!

E X T E N D E O
INSTALMENT

CREDIT

BY

HOLDER AND TYPE

MAR.
1979
S.A.

1

!
!
)

FEB.
1979
S.A.

!
!
!

!
TOTAL

BY MAJOR CREDIT

'
1

TYPE

7,797!

7,756!

1
1

4,424!
2,449!
1,975!
1,587!
1,786!

i

9,714!

COMMERCIAL BANKS
RETAILERS
GASOLINE COMPANIES
MOBILE HOMES
COMMERCIAL BANKS
FINANCE COMPANIES
SAVINGS ANO LOANS
CREDIT UNIONS

!

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

MA*.
1978
S.A.

!
MAR.
I
1979
! N.S.A.

23,925!

11,382!
3,857!
3,282!
3,438!
441!
1,342!
183!
j

4,430{
2,472!
1,9581
i,62*!

7,0431

!

i,702f

4 ,, 3
26
53
1 !!
2
1,888!
1,588!
1,204?

9,357!

8,398(

!

*fS6G|
3,011!
1,486!

4,006!
3,050!
It342!
493!

1

516!

454!

1
1
1
1

296!
61!
139!
20|

295!
60!
81!
18l

294!
65!
1141
20!

8,635!

7,991!

!

i

1

!

1
1
1
1
1
1

2,668!
3,276!
1,643!
4141
444!
226!

{
!
|

FEB.
1979
S.A.

!
!
!

f*AR.
1978
S.A.

!
MAR.
!
1979
! N.S.A.

0 U T S T A N D I

END OF I CHANGE FROM FNO
MAR.
OF
MAR. 1978
AMOUNT !
1979
PER
CENT
N.S.A. I
N.S.A.

22,967*

22,8941

19,849!

24,086! 1 3731! !

278,347 i

44,50* I

19.C

1
!
!
!
!
!
!

10,947!
3,7891
2,722!
3,468!
410!
1,473!
158!

10,8001
3,617|
2,836!
3,681|
38?!
1,41*1
160!

9,169!
3,178!
2,517!
3,22a!
300!
1,317!
140!

11,590!
1465! !
3 , 9 2 0 ! ! 1334J I
2,880! 1
528! !
3,724!
143! !
428! 1
173! !
1,375!
20! !
169!
68! !

137,445
22,395 [
5 6 , 8 8 5 1 1 1 , 2 7 7!
7,577 1
46,301!
22,^29 1
1,290 I
8,6711
1,107 1
3,292!
315 1
2,824
544 1

19.5
?4.7
19.6
6.0
14.6
10.*
23.9

8,3921 !

6,311!

6,191!

5,409!

6,746!

10%426

19,669

22.9

4,744!
2,631!
2,113!
l,?36|
1,912!

!
1
!
!
!

3,807!
2,159!
1,648)
1,342!
1,1621

3,691!
1,942!
1,749!
1,434!
1,066!

3,289!
1,748!
1,541!
1*248!
872!

4,055!
2,30011
1,755!I
1,430!!
1,261!

617!
290f
327!
245!
624)

61,742
34,592
27,150
22,1401
21,544

10,393 !
6,036
4,347 1
3,5771
5,709

20.2
21.1
19.1
19.3
36.1

9,021! !

8,972!

9,0*0!

T,566!

9,367!

742! !

45,240

7,206

18.9

4,639! !
2,989! !
1*393! !

4,436!
3,0631
1*473!

4,368!
3,?5M
1,418!

3,401!
2,848!
1,317!

4,699!
3,29311
1,375!

588! !
134! !
201 !

24,442
17,506^
3,292

5,737
1,1541
315

30.7
7.1
10.6

514! !

408|

3981

398!

430!

108! !

16,092

292!
55!
146!
21!

1
!
!
1

265!
50!
80!
13!

280!
51!
53!
14!

248!
69!
70!
11!

278!
54! !
84!
14!'

31! !
11! !
59! !
7J !

9,509'
3,148!
2*942!
493!

8,688! !

7,276!

7,265!

6,*76!

7,543J!

n<>5! !

111*5891

2,689!
3,110!
1,763!
418!
465!
243!

2,439!
2,577!
1,367!
405!
330!
158!

2,4611
2,500!
1,388!
427!
329!
160!

2,231!
2*237J
1*258!
380!
230!
140!

2,558!'
2,6051!
1,436!1
431! !
344!
169!

229!
699!
276!
9!
114!
68!

12,364!
5,077!
3,520!
3,407!
611!
1,393!
243!

1486) !
1
!
i
!
!

!

2,8451
3,060!
1*596!
449!
387!
298!

j

!
2,831!
2,588!
1,674!
388!
327!
183!

!
!
!
!
!
1

!
!
!
!
!
!

41,752
32,193!
23,668!
5,4231
5,7291
2,8241

943

6.2

411
99
354
79!

4.5
3.2
13.f
19.1

16,687
5,864
5,469!
3,921!
136!
753
5441

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER CREDITS).
INCLUDES AUTO DEALERS ANO EXCLUDES 30-OAY CHARGE CREOIT HELD BY RETAILERS, AND TRAVEL AND ENTERTAINMENT COMPANIES.
NOTE*




N G

•»•»••»"••»•

|

!

8,671!

MAR.
1979
S.A.

NET ! !
CHG !
MAR.! !
1979! !
S.A.! !
(1) ! f

26,615! !

!

I

1

!I
J!
!!

1
1
| I
! 1
!
1

1

!
1

5,024!
3,197!
1*493!

i'

OTHER

(21

12,430]
4,8221
3,238!
3,460!
468!
1,4861
298!

1

REVOLVING

(II

12,412!
5,123!
3,250!
3,611!
583!
1,493!
226!
1
I

I
!

AUTOMOBILE
COMMERCIAL BANKS
INDIRECT PAPER
DIRECT LOANS
CREDIT UNIONS
FINANCE COMPANIES

0 A T E 0

1
!
«
!

!
!
1
!

1

COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS f 21
SAVINGS ANO LOANS
GASOLINE COMPANIES
MUTUAL SAVINGS BANKS

0 U I

!
26,2021

26,698!

I

BY MAJOR HOLDER

L I

!

i

S.A. ANO N.S.A. OENOTE SEASONALLY ADJUSTED AND NOT SEASONALLY ADJUSTED DATA, RESPECTIVELY.
DETAILS MAY NOT ADD TO TOTALS DUE TO ROUNOING.

17.6
16.3
20.5
19.9
2.6
15.1
23.9

"

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 repayment) 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) credit card or other receivables held by a
holding company rather than by its subsidiary financial institution; (b) extensions of funds against the cash value of life insurance policies or generally
against savings accounts; (c) loans to farmers; and (d) noninstalment credit
extended to individuals. 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 G.20 (422); and quarterly—the Flow of Funds Accounts
release Z.l (780) and the Commercial Bank Report of Condition. The two quarterly reports include data for consumer 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 credit 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,11
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.