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G.19

Consumer Credit

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

September 2015

November 6, 2015

Consumer credit increased at a seasonally adjusted annual rate of 7-1/2 percent during the third quarter. Revolving credit increased at an annual rate of 6-1/2 percent, while nonrevolving credit increased at an
annual rate of 8 percent. In September, consumer credit increased at an annual rate of 10 percent.

Consumer Credit Outstanding1
Seasonally adjusted. Billions of dollars except as noted.
2014

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

Q3

2015
Q4

Q1

Q2

Q3

p

r
Jul

Aug

r

Sep

p

2010

2011

2012

2013

2014

-1.0
-7.6
2.7

4.1
0.2
5.9

6.1
0.6
8.6

6.0
1.4
7.9

7.0
3.7
8.3

6.9
3.5
8.2

6.1
3.0
7.3

5.6
0.4
7.5

8.5
8.7
8.4

7.5
6.5
7.9

6.8
5.5
7.3

5.6
5.3
5.7

10.0
8.7
10.5

-25.3
-69.9
44.5

108.6
1.8
106.8

169.4
4.7
164.8

175.9
12.3
163.7

218.4
31.8
186.6

222.8
30.6
192.2

199.0
26.2
172.9

184.8
3.4
181.5

285.4
77.9
207.5

257.7
59.5
198.2

233.7
50.0
183.7

192.4
48.4
144.0

347.0
80.2
266.8

2,646.9
839.5
1,807.4

2,755.4
841.2
1,914.2

2,922.9
845.9
2,077.0

3,098.8
858.2
2,240.6

3,317.2
890.0
2,427.2

3,267.5
883.4
2,384.0

3,317.2
890.0
2,427.2

3,363.4
890.8
2,472.6

3,434.8
910.3
2,524.5

3,499.2
925.2
2,574.0

3,454.2
914.5
2,539.8

3,470.3
918.5
2,551.8

3,499.2
925.2
2,574.0

Terms of Credit
Not seasonally adjusted. Percent except as noted.
Commercial banks5
Interest rates
48-mo. new car
24-mo. personal
Credit card plans
All accounts
Accounts assessed interest

6.21
10.87

5.73
10.88

4.91
10.71

4.43
10.20

4.24
10.22

4.16
10.73

4.06
10.47

4.53
9.85

4.31
9.69

4.11
9.98

n.a.
n.a.

4.11
9.98

n.a.
n.a.

13.78
14.26

12.74
13.09

12.06
12.96

11.91
12.95

11.87
13.19

11.82
13.18

11.99
13.68

11.98
13.53

12.04
13.49

12.10
13.93

n.a.
n.a.

12.10
13.93

n.a.
n.a.

Finance companies (new car loans)6
Interest rates
4.7
Maturity (months)
61
Amount financed (dollars)
25,477

4.4
61
25,121

4.6
62
25,341

4.7
63
25,586

4.9
64
26,288

4.7
64
26,371

4.8
65
26,755

5.2
65
27,272

5.4
65
26,932

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)
(Billions of dollars)
Not seasonally adjusted
2014
2010

2011

2012

2013

2014

Q3

Q4

Q1

Q2

2015
p
r
Q3
Jul

Aug

r

Sep

p

Total

2,646.9 2,755.4 2,922.9 3,098.8 3,317.2 3,249.0 3,317.2 3,321.1 3,394.9 3,480.8 3,413.2 3,451.1 3,480.8

Major holders
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Pools of securitized assets9,10

1,185.5 1,192.6 1,218.6 1,271.6 1,343.1 1,305.4 1,343.1 1,312.1 1,349.6 1,383.0 1,359.5 1,373.7 1,383.0
705.0 687.6 679.8 679.1 684.1 676.6 684.1 677.5 682.1 688.4 683.2 684.9 688.4
226.5 223.0 243.6 265.6 302.8 293.3 302.8 307.7 322.7 333.4 327.2 330.2 333.4
356.2 484.7 616.8 729.8 840.9 825.9 840.9 881.8 896.0 932.6 899.4 918.7 932.6
78.4
74.5
65.6
59.3
53.6
55.2
53.6
51.9
50.1
48.6
49.7
49.3
48.6
45.0
46.9
48.4
44.3
43.0
43.5
43.0
41.9
43.3
43.6
43.3
43.6
43.6
50.3
46.2
50.0
49.1
49.8
49.1
49.8
48.2
51.1
51.3
50.9
50.7
51.3

Major types of credit, by holder
Revolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Pools of securitized assets9,10
Nonrevolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Pools of securitized assets9,10
Memo
Student Loans11
Motor Vehicle Loans12

839.5
664.7
81.5
36.3
...
...
25.5
31.4

841.2
663.9
82.9
37.9
...
...
26.7
29.8

845.9
676.5
71.4
38.9
...
...
28.0
31.2

858.2
693.5
67.1
43.4
...
...
23.7
30.5

890.0
731.6
60.3
46.8
...
...
22.4
28.9

849.7
693.4
60.8
44.5
...
...
22.8
28.2

890.0
731.6
60.3
46.8
...
...
22.4
28.9

848.1
696.8
56.8
45.2
...
...
21.3
28.0

874.2
719.9
57.5
46.1
...
...
22.8
27.9

891.5
736.4
56.8
47.5
...
...
22.9
27.9

879.8
725.4
57.3
46.4
...
...
22.8
27.9

889.3
733.6
57.3
47.5
...
...
23.0
27.9

891.5
736.4
56.8
47.5
...
...
22.9
27.9

1,807.4 1,914.2 2,077.0 2,240.6 2,427.2 2,399.3 2,427.2 2,473.1 2,520.8 2,589.3 2,533.5 2,561.8 2,589.3
520.8 528.7 542.2 578.1 611.6 612.0 611.6 615.3 629.7 646.7 634.1 640.1 646.7
623.5 604.6 608.4 612.1 623.8 615.9 623.8 620.7 624.6 631.6 625.9 627.7 631.6
190.1 185.1 204.8 222.2 256.0 248.7 256.0 262.5 276.6 285.8 280.9 282.6 285.8
356.2 484.7 616.8 729.8 840.9 825.9 840.9 881.8 896.0 932.6 899.4 918.7 932.6
78.4
74.5
65.6
59.3
53.6
55.2
53.6
51.9
50.1
48.6
49.7
49.3
48.6
19.4
20.3
20.4
20.5
20.5
20.7
20.5
20.6
20.5
20.7
20.5
20.6
20.7
19.0
16.4
18.8
18.6
20.9
20.9
20.9
20.2
23.2
23.4
23.0
22.8
23.4
843.9
713.5

943.0 1,050.7 1,141.5 1,230.1 1,221.1 1,230.1 1,265.1 1,272.9 1,303.1
751.2 809.2 878.8 957.8 943.4 957.8 972.2 998.1 1,029.6

n.a.
n.a.

n.a. 1,303.1
n.a. 1,029.6

Footnotes
1. Covers most 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. 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)
(Billions of dollars, annual rate)
Not seasonally adjusted
2014

2015
p
r
Q3
Jul

Sep

p

2011

2012

2013

2014

Q3

Q4

Q1

Q2

Total

-25.3

108.6

169.4

175.9

218.4

308.4

272.7

15.6

295.3

343.4

219.5

454.4

356.1

Major holders
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Pools of securitized assets9,10

-70.3
-22.2
-10.7
133.1
-10.4
-2.5
-42.3

7.1
-17.4
-3.4
128.5
-3.9
2.0
-4.1

28.1
-7.8
20.6
132.1
-8.8
1.5
3.8

52.9
-0.6
21.9
113.1
-6.3
-4.2
-0.8

71.5
5.0
37.2
111.1
-5.7
-1.3
0.6

84.7
19.8
39.2
159.6
-7.3
1.1
11.3

150.8 -123.9
29.8
-26.5
38.1
19.8
60.0 163.7
-6.4
-6.7
-2.3
-4.3
2.8
-6.5

149.9
18.4
60.0
56.7
-7.1
5.7
11.7

133.7
25.2
42.6
146.4
-6.3
1.1
0.7

118.7
14.0
54.0
41.3
-5.9
-0.1
-2.5

170.8
20.4
35.3
230.8
-4.3
4.0
-2.6

111.6
41.3
38.7
166.9
-8.7
-0.7
7.1

Major types of credit, by holder
Revolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Pools of securitized assets9,10

-69.9
-34.4
0.5
0.9
...
...
-5.0
-31.9

1.8
-0.8
1.4
1.6
...
...
1.1
-1.6

4.7
12.6
-11.6
0.9
...
...
1.3
1.4

12.3
17.0
-4.3
4.5
...
...
-4.3
-0.7

31.8
38.1
-6.8
3.4
...
...
-1.3
-1.6

40.3
40.1
-4.4
4.8
...
...
0.3
-0.6

161.0 -167.6
152.4 -139.0
-1.9
-14.0
9.1
-6.4
...
...
...
...
-1.7
-4.4
3.1
-3.8

104.4
92.3
2.8
3.7
...
...
6.0
-0.3

69.2
66.0
-2.8
5.7
...
...
0.3
0.0

67.1
66.3
-2.7
3.0
...
...
0.5
0.0

114.1
98.7
-0.2
13.8
...
...
1.8
0.0

26.4
33.1
-5.6
0.3
...
...
-1.4
0.0

Nonrevolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonprofit and educational institutions8
Nonfinancial business
Pools of securitized assets9,10

44.5
-36.0
-22.7
-11.6
133.1
-10.4
2.5
-10.4

106.8
7.8
-18.8
-5.0
128.5
-3.9
0.9
-2.5

164.8
15.5
3.8
19.7
132.1
-8.8
0.2
2.4

163.7
35.9
3.6
17.4
113.1
-6.3
0.1
-0.2

186.6
33.5
11.7
33.8
111.1
-5.7
0.0
2.2

268.1
44.6
24.2
34.4
159.6
-7.3
0.8
11.8

111.7
-1.7
31.8
28.9
60.0
-6.4
-0.6
-0.3

183.3
15.1
-12.6
26.3
163.7
-6.7
0.1
-2.6

190.9
57.6
15.6
56.3
56.7
-7.1
-0.2
12.0

274.2
67.6
28.1
37.0
146.4
-6.3
0.8
0.7

152.4
52.4
16.7
51.0
41.3
-5.9
-0.6
-2.5

340.4
72.1
20.7
21.5
230.8
-4.3
2.2
-2.6

329.8
78.5
46.9
38.4
166.9
-8.7
0.7
7.1

83.9
-40.6

99.1
17.1

107.7
60.0

90.7
69.6

88.6
79.0

136.5
100.6

35.7
57.7

140.1
57.4

31.1
103.9

120.7
125.7

n.a.
n.a.

n.a.
n.a.

120.7
125.7

Memo
Student Loans11
Motor Vehicle Loans12

Aug

r

2010

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. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
10. The shift of consumer credit from pools of securitized assets to other categories is largely due to financial institutions’ implementation of the FAS 166/167 accounting rules.
11. 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.
12. 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.