Full text of G.19 Consumer Credit : May 5, 1978

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• V O f GCty

statistical

release

" ^ ^ '

FOR IMMEDIATE RELEASE
MAY 5. 1978

G.19

CONSUMER INSTALMENT CREDIT - MARCH 1978
CONSUMER INSTALMENT CREDIT OUTSTANDING INCREASED BY A RECORD $4.07 BILLION IN
MARCH, AFTER SEASONAL ADJUSTMENT, UP FROM A $2.54 BILLION AVERAGE IN THE FIRST TWO
MONTHS, WHEN SEVERE WINTER WEATHER HAD RETARDED SALES OF CONSUMER GOODS. ALTHOUGH THE
MARCH GAIN SUBSTANTIALLY EXCEEDED THE PREVIOUS RECORD MONTHLY INCREASE OF
$2.97 BILLION IN MARCH 1977, THE 17.2 PER CENT ANNUAL RATE OF GROWTH FOR THE FIRST
QUARTER AS A WHOLE WAS ONLY SLIGHTLY ABOVE GROWTH RATES RECORDED DURING 1977.
CREDIT NEWLY EXTENDED IN MARCH SURGED $1.4 BILLION TO $21.60 BILLION, WHILE
LIQUIDATIONS — AT $17.53 BILLION — WERE VIRTUALLY UNCHANGED FROM FEBRUARY, RESULTING
IN THE LARGE INCREMENT TO CREDIT OUTSTANDING. ALL CREDIT TYPES CONTRIBUTED TO THE
ACCELERATION IN GROWTH, PARTICULARLY THE LARGE "ALL OTHER" CATEGORY, WHICH EXPANDED
BY $1.7 BILLION FOLLOWING A $1.0 BILLION GAIN IN FEBRUARY. AUTO CREDIT, REFLECTING
SHARPLY IMPROVED NEW-CAR SALES IN MARCH, INCREASED $1.5 BILLION, UP FROM $1.1 BILLION
THE MONTH BEFORE.

(IN MILLIONS OF DOLLARS)
INSTALMENT CREDIT, TOTAL

MAR. 1978 | FEB. 1978 | MAR. 1978 I MAR. 1977 |LATEST 12 MONTHS
(SEASONALLY ADJ.)
I
(NOT SEAS.ADJ.)
|(NOT SEAS.ADJ.)

AMOUNT EXTENDED:
AUTOMOBILE
MOBILE HOME
hOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING C D
ALL OTHER

21,5951

20,1791

I

I

6,8221
5021
770|
3,2311
608|
9,6621

6,4C0|
4061
7101
3,1431
5351
8,985|

I
I

AMOUNT LIQUIDATED

I
I

17,5271

17,5181
I
I
2,661|

I
I

NET CHANGE IN AMOUNT
OUTSTANDING:

4,068|

AUTOMOBILE
MOBILE HOME
HOME IMPROVEMENT
BANK CREDIT CARD
OTHER REVOLVING (1)
ALL OTHER

I
I
(2)

(2)

|

I

I

233,506

I
6,7111
453|
6521
2,2671
467|
8,348|

I
I

19,0671

16,8881

I
I

I
I

2,9091

2,0111

1,6811
871
1951
-301
251
9511

l,104|
231
1711
285|
87|
9911

16,8991

I
I

I

I

lt522|
1061
2171
448|
1201
1.6531

AMOUNT OUTSTANDING,
END OF MONTH

21,9761
I
7,541|
5181
7851
3,0231
5861
9,5231

74,971
5,386
8,338
34,020
6,174
104,616
201,075
32,431 (5)

I
lt378|
251
1431
-1031
-51
5721

I

I

219,2031

186,7761

(6)
(6)
(6)
(6)
(6)
(6)
(2)

HOLDER SHARES OF INSTALMENT CREDIT
(IN PER CENT)
SHARE OF EXTENSIONS
| MONTH-ENO SHARE OF OUTSTANDINGS
(SEASONALLY AOJ.)
|
(NOT SEASONALLY ADJ.)
MAR. 1978 1 FEB. 1978| MAR. 19771 MAR. 19781 FEB. 19781 MAR. 1977
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS (3)
OTHERS (4)

49.11
16.31
15.01
14.71
2.91

49.11
18.11
15.3|
14.61
2.9|

49.01
19.11
15.11
14.1|
2.7|

48.91
20.31
17.41
9.11
4.31

48.91
20.4|
17.21
9.31
4.21

48.5
21.0
16.8
9.4
4.3

INSTALMENT CREDIT FLOWS, QUARTERLY AVERAGES
(SEASONALLY ADJUSTED ANNUAL RATES)
TOTAL
INSTALMENT

|
|

CREDIT
EXTENSIONS
LIQUIDATIONS
NET CHANGE

NOTE:

11)
(2)

(MILLIONS

I 19781
I
I
|

| 1977IV

245,4381
208,8261
36,6101

238,4161
205,5531
32,863|

OF

DOLLARS)

| 1977III | 197711
227,9961
198,1341
29,8621

| 19771

224,3901
192,4911
31,899 |

CONSUMER INSTALMENT CREDIT CONSISTS OF SHORT- AND
INTERMEDIATE-TLRM CREDIT EXTENDED THROUGH REGULAR
BUSINESS CHANNELS 7 0 FINANCE THE PURCHASE OF GOODS
AND SERVICES FOR PERSONAL CONSUMPTION, OR TO R E FINANCE DEBTS INCURRED FOR SUCH PURPOSES, ANO
SCHEDULED 7L- BE REPAID I N TWO OR MORE INSTALMENTS.
MORTGAGE CREDIT GENERALLY I S EXCLUDED.
DETAILS MAY
NOT ADD TO TOTALS DUL 7 0 ROUNDING.
BANK CHECK CREDIT AND OTHER BANK REVOLVING C R E D I T .
NOT APPLICABLE.




19781

213,3241
ie4,879|

26,4451
(3)
14
<5)

(6)

|

17.51
14.91
2.6|

AS PER CENT OF DISPOSABLE
PERSONAL INCOME
| 1977III
| 1977II

1977IV

17.41
15.01
2.4!

17.21
15.01
2.3|

I

17.41
14.91
2.51

19771

17.0
14.8
2.3

RETAIL STORES AND CATALOG ORDER.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS,
AND AUTTj OEALERS.
A VAt.Ut FOR TnL UNAL.JoSUD NET CHANGE IN OUTSTANDINGS APPEARS ALSO ON 7HC NEXT TO LAST COLUMN ON TML
NEXT PAGE, BUT MAY vASY SLIGHTLY, DUE TJ DIFFERENT
AGGrscGATICN METHODS.
FOR V A L O L S SEE THE \ L X T TO LAST COLUMN ON THE NEXT
PAGL- UNDER THE NEA^s;, "CHANGE FROM END OF MARCH
1977 AMOUNT N.S.A.*

CONSUMER INSTALMENT CREDIT BY HOLDER ANO TYPE.-

MAR. 1978

(IN MILLIONS OF DOLLARS)

L I Q U I D A T E D

E X T E N D E D

INSTALMENT CREDIT, BY
HOLDER AND TYPE

TOTAL

NET
CHG
MAR.
1978
S.A.
(1)

O U T S T A N D I N G
END OF
MAR.
1978
N.S.A.

(CHANGE FROM END
1 OF MAR. 1977
AMOUNT
PER
N.S.A.
CENT

MAR.
1978
S.A.

FEB.
1978
S.A.

MAR.
1977
S.A.

21,595

20,179

18,496

21,976

17,527

17,518

15,525

19,067

4068

219,203

32,427

17.4

10,608
3,914
3,309
3,148
616

9,905
3,691
3,028
2,976
579

9,072
3,526
2,787
2,615
496

10,898
3,939
3,640
2,832
667

8,587
3,252
2,473
2,781
434

8,625
3,273
2,425
2,774
421

7,510
2,943
2,177
2,502
394

9,392
3,560
2,672
2,972
471

2021
662
836
367
182

107,166
44,486
38,185
19,920
9,446

16,581
5,298
6,737
2,335
1,475

18.3
13.5
21.4
13.3
18.5

6,822

6,400

6,199

7,541

5,300

5,296

4,816

5,860

1522

81,666

13,816

20.4

3,924
2,173
1,751
1,173
1,679
46

3,700
2,065
1,635
1,080
1,565
55

3,627
1,959
1,669
1,111
1,418
43

4,321
2,405
1,916
1,294
1,862
64

3,042
1,609
1,433
935
1,273
50

3,101
1,676
1,425
879
1,265
51

2,779
1,529
1,250
869
1,125
44

3,335
1,775
1,560
1,091
1,382
52

882
564
318
238
406

47,534
26,327
21,207
14,577
18,955
600

8,401
4,669
3,731
1,984
3,344
87

21.5
21.6
21.3
15.8
21.4
17.0

502

406

445

518

394

383

391

431

108

15,062

615

4.3

284
74

236
62

267
56

295
68

238
72

234
71

252
57

259
81

46
2

6,845
3,085

236
-105

2.7
-3.3

7701

710

648

785

553

539

480

590

217

13,162

2,040

18.3

352

338

319

337

278

269

239

293

74

6,479

945

17.1

3,231
608

3,143
535

2,406
475

3,023
586

2,783
488

2,858
448

2,142
422

3,053
561

448
120

14,142
3,844

3,122
769

28.3
25.0

9,662

8,985

8,323

9,523

8,009

7,994

7,274

8,572

1653

91,327

12,064

2,209
1,537
2,659
2,105
1,429
3,148
217

1,953
1,405
2,541
1,989
1,288
2,976
227

2,336
1,602
2,568
2,003
1,558
2,832
229

1,758
1,274
2,240
1,796
1,071
2,781
159

1,715
1,238
2,318
1,806
1,036
2,774
151

1,675
1,196
2,012
1,583
943
2,502
142

1,891
1,370
2,382
1,870
1,153
2,972
174

451
263
419
309
358
367
58

MAR.
1977
S.A.

MAR.
1978
N.S.A.

BY HOLDER
COMMERCIAL BANKS
FINANCE COMPANIES
CREDIT UNIONS
RETAILERS (2)
OTHERS (3)
BY CREDIT TYPE
AUTOMOBILE, TOTAL
COMMERCIAL BANKS
INDIRECT PAPER
DIRECT LOANS
FINANCE COMPANIES
CREDIT UNIONS
OTHERS (3)
MOBILE HOME, TOTAL
COMMERCIAL BANKS
FINANCE COMPANIES
HOME IMPROVEMENT, TOTAL
COMMERCIAL BANKS
REVOLVING
BANK CREDIT CARD
BANK CHECK CREDIT
ALL OTHER, TOTAL
COMM. BANKS, TOTAL
PERSONAL LOANS
FINANCE COS., TOTAL
PERSONAL LOANS
CREDIT UNIONS
RETAILERS
OTHERS
(1)
(2)
(3)




26,322
18,002
26,675
21,416
15,999
19,920
2,411 I

NET CHANGES FOR ALL MONTHS EQUAL EXTENSIONS MINUS LIQUIDATIONS (REPAYMENTS, CHARGEOFFS, AND OTHER C R E D I T S ) .
EXCLUDES 30-0AY CHARGE CREDIT HELD BY RETAILERS, O I L AND GAS COMPANIES, AND TRAVEL ANO ENTERTAINMENT COMPANIES.
MUTUAL SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS, AND AUTO DEALERS.
NOTE:

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

RESPECTIVELY.

3,108
2,000
3,398 1
2,665
2,822
2,335 1
400

15.2
13.4
12.5
14.6
14.2
21.4
13.3
19.9