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G.19

Consumer Credit

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

September 2021

November 5, 2021

Consumer credit increased at a seasonally adjusted annual rate of 5.6 percent during the third quarter. Revolving credit increased at an annual rate of 7.4 percent, while nonrevolving credit increased at an annual
rate of 5.1 percent. In September, consumer credit increased at an annual rate of 8.3 percent.

Consumer Credit Outstanding1
Seasonally adjusted. Billions of dollars except as noted.
2020

Total percent change (annual rate)2
Revolving
Nonrevolving3
Total flow (annual rate)2,4
Revolving
Nonrevolving3
Total outstanding
Revolving
Nonrevolving3

2021
r

Q3

p

r
Jul

Aug

r

Sep

p

2016

2017

2018

2019

2020

Q3

Q4

Q1

Q2

6.9
6.9
7.0

5.3
5.9
5.1

4.5
3.7
4.8

4.6
3.6
5.0

-0.3
-11.2
3.6

1.8
-4.1
3.6

2.1
-3.7
3.8

3.6
-3.4
5.8

8.0
10.6
7.2

5.6
7.4
5.1

4.6
6.8
4.0

3.8
3.4
4.0

8.3
11.8
7.2

236.2
62.0
174.2

194.3
56.7
137.6

172.7
37.3
135.3

185.1
38.1
147.0

-12.0
-122.1
110.1

74.3
-40.6
114.9

86.0
-36.0
122.0

151.8
-32.8
184.6

337.0
102.8
234.2

241.1
73.1
168.0

199.1
67.7
131.4

165.1
33.5
131.6

359.0
118.0
240.9

3,636.4
960.1
2,676.3

3,830.8
1,016.8
2,813.9

4,007.0
1,053.8
2,953.2

4,192.2
1,092.0
3,100.2

4,184.9
974.6
3,210.3

4,163.4
983.6
3,179.8

4,184.9
974.6
3,210.3

4,222.9
966.4
3,256.5

4,307.1
992.1
3,315.0

4,367.4
1,010.4
3,357.0

4,323.7
997.8
3,326.0

4,337.5
1,000.5
3,336.9

4,367.4
1,010.4
3,357.0

Terms of Credit
Not seasonally adjusted. Percent except as noted.
Commercial bank interest rates5
New car loans
48-month
60-month
Credit card plans
All accounts
Accounts assessed interest
Personal loans
24-month

4.30
4.14

4.61
4.33

5.03
5.02

5.39
5.31

5.09
5.02

4.98
4.98

4.95
4.80

5.21
4.96

5.28
5.05

5.14
4.60

n.a.
n.a.

5.14
4.60

n.a.
n.a.

12.35
13.56

12.89
14.44

14.22
16.04

15.05
16.98

14.71
16.28

14.58
16.43

14.65
16.28

14.75
15.91

14.61
16.30

14.54
17.13

n.a.
n.a.

14.54
17.13

n.a.
n.a.

9.69

10.13

10.32

10.32

9.51

9.26

9.65

9.46

9.58

9.39

n.a.

9.39

n.a.

Finance companies (new car loans)6
Interest rates
5.1
Maturity (months)
66
Amount financed (dollars)
28,601

5.4
67
29,288

6.1
66
30,173

6.4
67
31,311

5.2
69
34,449

5.0
68
34,660

5.1
68
33,738

4.8
67
34,207

4.9
67
33,915

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

This release is generally issued on the fifth business day of each month. See the Statistical Release Schedule for more information.
Footnotes appear on the second and third pages.

Consumer Credit Outstanding (Levels)
Non seasonally adjusted
Billions of dollars
2020
2016

2017

2018

2019

2020

Q3

Q4

Q1

Q2

r

2021
p
r
Q3
Jul

Aug

r

Sep

p

Total

3,636.4 3,830.8 4,007.0 4,192.2 4,184.9 4,142.7 4,184.9 4,167.2 4,259.6 4,346.7 4,276.2 4,316.3 4,346.7

Major holders
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business

1,562.6 1,633.2 1,687.4 1,774.1 1,687.5 1,651.4 1,687.5 1,635.1 1,702.6 1,746.1 1,713.4 1,731.7 1,746.1
548.4 541.3 534.4 537.7 551.4 548.6 551.4 560.5 572.3 578.5 572.6 574.0 578.5
396.7 439.3 481.2 498.0 505.1 503.9 505.1 502.9 512.4 525.3 515.7 521.3 525.3
1,049.3 1,145.6 1,236.3 1,319.2 1,381.0 1,379.4 1,381.0 1,410.1 1,413.9 1,438.3 1,416.0 1,430.7 1,438.3
41.3
35.1
31.3
27.3
24.1
24.3
24.1
23.9
23.6
23.3
23.6
23.5
23.3
38.2
36.2
36.5
35.8
35.8
35.1
35.8
34.7
34.8
35.1
34.8
35.1
35.1

Major types of credit, by holder
Revolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Nonrevolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Memo
Student Loans9
Motor Vehicle Loans10

960.1 1,016.8 1,053.8 1,092.0
859.5 912.0 947.2 983.6
25.5
26.6
23.7
21.9
53.2
58.0
62.4
66.5
...
...
...
...
...
...
...
...
21.9
20.2
20.5
20.0

974.6
875.3
17.1
62.3
...
...
20.0

943.8
846.6
16.9
61.1
...
...
19.1

974.6
875.3
17.1
62.3
...
...
20.0

911.1
817.6
15.6
59.1
...
...
18.9

951.0
856.2
15.4
60.3
...
...
19.0

970.5
875.0
14.9
61.5
...
...
19.1

955.7
860.6
15.3
60.8
...
...
19.1

965.1
869.4
15.1
61.5
...
...
19.2

970.5
875.0
14.9
61.5
...
...
19.1

2,676.3 2,813.9 2,953.2 3,100.2 3,210.3 3,198.9 3,210.3 3,256.1 3,308.6 3,376.1 3,320.5 3,351.2 3,376.1
703.0 721.2 740.2 790.5 812.2 804.8 812.2 817.5 846.3 871.1 852.8 862.3 871.1
522.8 514.7 510.7 515.9 534.3 531.7 534.3 545.0 556.8 563.6 557.4 559.0 563.6
343.5 381.3 418.8 431.5 442.8 442.8 442.8 443.8 452.1 463.8 454.9 459.8 463.8
1,049.3 1,145.6 1,236.3 1,319.2 1,381.0 1,379.4 1,381.0 1,410.1 1,413.9 1,438.3 1,416.0 1,430.7 1,438.3
41.3
35.1
31.3
27.3
24.1
24.3
24.1
23.9
23.6
23.3
23.6
23.5
23.3
16.3
16.0
16.0
15.8
15.8
15.9
15.8
15.8
15.8
15.9
15.8
15.9
15.9
1,405.3 1,488.9 1,570.5 1,646.4 1,702.6 1,704.9 1,702.6 1,728.1 1,730.3 1,752.9
1,062.3 1,102.0 1,139.6 1,184.1 1,224.4 1,218.4 1,224.4 1,240.8 1,275.2 1,302.2

n.a.
n.a.

n.a. 1,752.9
n.a. 1,302.2

Footnotes
1. Covers most credit extended to individuals, excluding loans secured by real estate. Includes receivables carried on the balance sheet of the institution as well as outstanding balances
of pools upon which securities have been issued; under the current accounting rule, most of those balances remain on the balance sheets of the loan originator.
2. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data. Percent changes are adjusted to exclude
the effect of such breaks. In addition, percent changes are at a simple annual rate and are calculated from unrounded data.
3. Includes motor vehicle 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.
4. Flow data represent changes in the level of credit due to economic and financial activity, and exclude breaks in the data series due to changes in methodology, source data,
and other technical aspects of the estimation that could affect the level of credit.
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).

Consumer Credit Outstanding (Flows)
Not seasonally adjusted
Billions of dollars, annual rate
2020
r

2021
p
r
Q3
Jul

2018

2019

2020

Q3

Q4

Q1

Q2

Total

236.2

194.3

172.7

185.1

-12.0

181.5

169.0

-70.8

369.5

348.2

199.2

481.2

364.3

Major holders
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business

107.9
-13.0
44.1
99.6
-3.6
1.1

70.6
-7.1
42.6
96.3
-6.2
-2.0

50.6
-6.9
41.9
90.7
-3.9
0.2

86.6
3.4
16.8
83.0
-4.0
-0.7

-91.3
13.7
7.1
61.7
-3.1
0.0

18.1
49.0
22.1
94.5
-3.4
1.0

144.2 -209.6
11.1
36.6
4.9
-8.6
6.3 116.5
-0.6
-1.1
3.1
-4.5

270.0
46.9
37.9
15.3
-1.0
0.4

174.1
25.0
51.6
97.6
-1.1
1.0

130.0
4.5
39.9
25.0
-0.8
0.5

219.5
16.5
67.1
176.3
-0.9
2.6

172.8
53.8
47.7
91.6
-1.6
0.0

Major types of credit, by holder
Revolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business

62.0
57.7
-0.2
3.9
...
...
0.6

56.7
52.5
1.1
4.8
...
...
-1.7

37.3
35.5
-2.9
4.4
...
...
0.3

38.1 -122.1
36.4 -113.0
-1.9
-4.8
4.2
-4.3
...
...
...
...
-0.5
0.0

-35.4
-29.4
-5.4
-1.1
...
...
0.5

123.3 -253.9
114.6 -230.7
0.6
-6.0
4.6
-12.6
...
...
...
...
3.4
-4.6

159.4
154.6
-0.6
4.7
...
...
0.6

78.3
75.1
-2.2
4.9
...
...
0.5

56.9
52.1
-2.0
6.3
...
...
0.5

112.8
105.8
-2.3
7.9
...
...
1.4

65.1
67.5
-2.4
0.4
...
...
-0.5

Nonrevolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business

174.2
50.2
-12.8
40.2
99.6
-3.6
0.5

137.6
18.2
-8.1
37.7
96.3
-6.2
-0.3

135.3
15.1
-4.1
37.6
90.7
-3.9
-0.1

147.0
50.3
5.2
12.7
83.0
-4.0
-0.1

110.1
21.7
18.5
11.3
61.7
-3.1
0.0

216.9
47.5
54.4
23.2
94.5
-3.4
0.5

45.6
29.5
10.5
0.3
6.3
-0.6
-0.4

183.0
21.1
42.6
3.9
116.5
-1.1
0.0

210.2
115.4
47.5
33.2
15.3
-1.0
-0.2

270.0
99.0
27.2
46.7
97.6
-1.1
0.5

142.3
78.0
6.6
33.6
25.0
-0.8
0.0

368.4
113.7
18.8
59.2
176.3
-0.9
1.2

299.2
105.2
56.2
47.3
91.6
-1.6
0.5

85.1
72.3

83.6
39.7

81.6
33.7

75.8
44.5

56.2
40.3

97.5
84.1

-9.3
24.0

102.1
65.2

8.6
137.9

90.5
107.9

n.a.
n.a.

n.a.
n.a.

90.5
107.9

6. Covers most of the captive and non-captive finance companies. The series of finance company new car loan terms included in previous releases are discontinued. They remain
available from the Data Download Program.
7. Includes student loans originated by the Department of Education under the Federal Direct Loan Program and the Perkins Loan Program, as well as Federal Family Education
Program loans that the government purchased under the Ensuring Continued Access to Student Loans Act.
8. Includes student loans originated under the Federal Family Education Loan Program and held by educational institutions and nonprofit organizations.
9. Includes student loans originated under the Federal Family Education Loan Program and the Direct Loan Program; Perkins loans; and private student loans without government
guarantees. This memo item includes loan balances that are not included in the nonrevolving credit balances. For additional information, see public documentation. Data for
this memo item are released for each quarter-end month.
10. Includes motor vehicle loans owned and securitized by depository institutions, finance companies, credit unions, and nonfinancial business. Includes loans for passenger
cars and other vehicles such as minivans, vans, sport-utility vehicles, pickup trucks, and similar light trucks for personal use. Loans for boats, motorcycles and recreational
vehicles are not included. Data for this memo item are released for each quarter-end month.
r=revised. p=preliminary. n.a.=not available. ...=not applicable.

Sep

p

2017

Memo
Student Loans9
Motor Vehicle Loans10

Aug

r

2016