Full text of G.19 Consumer Credit : November 7, 2003

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G.19

CONSUMER CREDIT

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

September 2003

November 7, 2003

In the third quarter, consumer credit growth - at 6-1/2 percent at an annual rate - was higher than in the second quarter owing to a larger increase in nonrevolving credit. In September, consumer credit rose at an
annual rate of 9-3/4 percent.

CONSUMER CREDIT OUTSTANDING1,2
Seasonally adjusted
2002

Percent change at annual rate3,4
Total
Revolving
Nonrevolving5
Amount: billions of dollars
Total
Revolving
Nonrevolving5

Q3

2003
Q4

Q1

r

r

Q2

p
Q3

r

Jul

r

Aug

p

1998

1999

2000

2001

2002

Sep

6.5
5.9
6.9

8.5
6.3
10.0

10.7
11.6
10.2

7.3
5.1
8.8

4.3
1.5
6.0

5.8
2.9
7.6

-0.4
-3.1
1.2

5.1
4.9
5.2

4.8
3.0
5.9

6.4
3.1
8.4

4.1
1.4
5.7

5.5
2.9
7.1

9.7
5.0
12.5

1,399.9
562.5
837.5

1,518.8
598.0
920.9

1,692.9
667.4
1,025.5

1,817.2
701.3
1,115.9

1,895.4
712.0
1,183.4

1,897.4
717.6
1,179.8

1,895.4
712.0
1,183.4

1,919.0
720.6
1,198.5

1,941.8
725.9
1,215.9

1,972.2
731.5
1,240.7

1,948.3
726.8
1,221.5

1,957.1
728.5
1,228.6

1,972.2
731.5
1,240.7

TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES6
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

8.73
13.76

8.44
13.39

9.34
13.90

8.50
13.22

7.62
12.54

7.58
12.49

7.34
12.24

7.11
11.70

7.05
12.19

6.78
11.95

n.a.
n.a.

6.78
11.95

n.a.
n.a.

15.71
15.59

15.21
14.81

15.71
14.91

14.89
14.44

13.43
13.09

13.37
13.26

13.13
12.78

13.20
12.85

12.90
12.82

12.49
13.11

n.a.
n.a.

12.49
13.11

n.a.
n.a.

New car loans at auto finance companies
Interest Rates
6.30
Maturity (months)
52.1
Loan-to-Value Ratio
92
Amount financed (dollars)
19,083

6.66
52.7
92
19,880

6.61
54.9
92
20,923

5.65
55.1
91
22,822

4.29
56.8
94
24,747

2.68
58.9
96
25,959

3.18
57.4
96
26,283

3.65
59.1
96
25,486

2.61
61.1
97
27,468

3.55
63.0
94
25,733

3.28
62.7
95
26,129

3.56
63.0
93
25,407

3.81
63.2
94
25,663

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
2002
1998
Total

1999

2000

2001

2002

Q3

Q4

Q1

r

r

Q2

2003
p
r
Q3
Jul

r

Aug

p
Sep

1,430.2 1,550.4 1,727.7 1,853.7 1,932.9 1,892.5 1,932.9 1,908.3 1,931.7 1,966.7 1,936.1 1,955.9 1,966.7

Major holders
Total
1,430.2 1,550.4 1,727.7 1,853.7 1,932.9 1,892.5 1,932.9 1,908.3 1,931.7 1,966.7 1,936.1 1,955.9 1,966.7
Commercial banks
508.9 499.8 541.5 558.4 587.2 575.7 587.2 575.3 584.3 590.8 582.5 588.4 590.8
Finance companies
183.3 201.6 220.5 238.1 237.8 249.7 237.8 233.5 244.3 265.2 250.1 259.9 265.2
Credit unions
155.4 167.9 184.4 189.6 195.7 195.9 195.7 193.9 198.6 205.0 201.4 203.8 205.0
Federal government and Sallie Mae
65.7
84.7 104.0 119.5 129.6 134.3 129.6 125.9 120.4 125.9 120.1 121.3 125.9
Savings institutions
51.6
61.5
64.6
69.1
68.5
65.2
68.5
68.4
73.6
73.2
73.5
73.3
73.2
Nonfinancial business
74.9
80.3
82.7
68.0
56.9
49.2
56.9
48.5
47.6
47.0
47.2
48.0
47.0
Pools of securitized assets7
390.3 454.5 530.0 611.0 657.2 622.5 657.2 662.9 663.0 659.6 661.3 661.3 659.6
Major types of credit8
Revolving
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets7

586.2
210.3
31.9
19.9
n.a.
12.5
39.2
272.3

621.9
189.4
32.5
20.6
n.a.
15.8
42.8
320.8

Nonrevolving
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets7

844.1
298.6
151.4
135.5
65.7
39.2
35.7
118.0

928.4 1,034.6 1,126.4 1,194.9 1,180.9 1,194.9 1,194.8 1,208.9 1,241.5 1,215.1 1,229.6 1,241.5
310.4 323.4 333.5 356.2 349.5 356.2 362.8 366.8 375.1 367.6 372.0 375.1
169.2 182.9 206.6 198.8 212.4 198.8 197.2 209.6 227.8 214.7 222.5 227.8
147.3 162.2 167.3 173.5 174.6 173.5 173.2 177.5 183.9 180.2 182.5 183.9
84.7 104.0 119.5 129.6 134.3 129.6 125.9 120.4 125.9 120.1 121.3 125.9
45.7
48.0
51.3
52.3
50.5
52.3
52.4
54.4
54.7
54.5
54.6
54.7
37.5
40.2
38.2
37.7
35.0
37.7
34.8
34.7
34.5
34.5
34.8
34.5
133.6 173.9 209.9 246.8 224.5 246.8 248.6 245.4 239.6 243.5 242.0 239.6

693.0
218.1
37.6
22.2
n.a.
16.6
42.4
356.1

727.3
224.9
31.5
22.3
n.a.
17.8
29.8
401.1

738.0
231.0
38.9
22.2
n.a.
16.2
19.2
410.4

711.6
226.2
37.3
21.3
n.a.
14.7
14.1
398.0

738.0
231.0
38.9
22.2
n.a.
16.2
19.2
410.4

713.5
212.5
36.3
20.7
n.a.
16.0
13.7
414.3

722.8
217.5
34.6
21.1
n.a.
19.1
12.9
417.6

725.2
215.7
37.4
21.1
n.a.
18.5
12.5
420.0

720.9
214.8
35.4
21.2
n.a.
18.9
12.7
417.8

726.2
216.4
37.4
21.3
n.a.
18.7
13.2
419.2

725.2
215.7
37.4
21.1
n.a.
18.5
12.5
420.0

1. Seasonally adjusted data have been revised from January 1997 forward as a result of new seasonal factors.
2. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
3. 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.
4. Percent changes calculated from unrounded data.
5. 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.
6. 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.
7. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
8. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised. p=preliminary.