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G.19

Consumer Credit

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

September 2012

November 7, 2012

Consumer credit increased at a seasonally adjusted annual rate of 4 percent in the third quarter. Revolving credit decreased at an annual rate of 1-1/2 percent, while nonrevolving credit increased 6-1/2 percent.
In September, consumer credit increased at an annual rate of 5 percent.

Consumer Credit Outstanding1
Seasonally adjusted. Billions of dollars except as noted.
2011

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

Q3

2012
Q4

Q1

Q2

Q3

p

r
Jul

Aug

r

Sep

p

2007

2008

2009

2010

2011

5.9
8.5
4.3

0.8
0.2
1.2

-4.5
-8.8
-1.8

-1.2
-7.4
2.5

3.4
0.2
5.0

1.9
-1.2
3.4

5.9
1.8
7.8

5.7
0.6
8.1

6.5
1.3
8.9

4.0
-1.6
6.6

-1.1
-6.9
1.5

8.2
6.1
9.1

5.0
-4.1
9.2

141.3
78.7
62.6

20.1
2.2
17.9

-115.9
-88.4
-27.5

-30.4
-68.1
37.7

86.2
1.3
84.9

48.2
-10.1
58.3

151.9
15.0
136.9

149.0
5.4
143.6

172.8
10.9
161.9

108.8
-14.0
122.8

-30.7
-59.0
28.4

220.7
51.8
168.9

136.4
-34.9
171.2

2,528.8
1,008.1
1,520.6

2,548.9
1,010.3
1,538.6

2,438.7
921.9
1,516.9

2,545.3
850.2
1,695.1

2,631.5
851.4
1,780.1

2,593.5
847.7
1,745.8

2,631.5
851.4
1,780.1

2,668.8
852.8
1,816.0

2,710.0
855.5
1,854.4

2,737.2
852.0
1,885.2

2,707.4
850.6
1,856.8

2,725.8
854.9
1,870.9

2,737.2
852.0
1,885.2

Terms of Credit5
Not seasonally adjusted. Percent except as noted.
Commercial banks
Interest rates
48-mo. new car
24-mo. personal
Credit card plans
All accounts
Accounts assessed interest

7.77
12.38

7.02
11.37

6.72
11.10

6.21
10.87

5.73
10.88

5.89
10.80

5.40
10.36

5.07
10.88

4.88
10.94

4.88
10.39

n.a.
n.a.

4.88
10.39

n.a.
n.a.

13.30
14.68

12.08
13.57

13.40
14.31

13.78
14.26

12.74
13.09

12.28
13.08

12.36
12.78

12.34
13.04

12.06
12.76

11.95
13.22

n.a.
n.a.

11.95
13.22

n.a.
n.a.

Finance companies (new car loans)6
Interest rates
4.87
Maturity (months)
62.0
Loan-to-value ratio
95
Amount financed (dollars)
28,287

5.52
63.4
91
26,178

3.82
62.0
90
28,272

4.26
63.0
86
27,959

4.73
62.3
80
26,673

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

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

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

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

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

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 third page.

Consumer Credit Outstanding (Levels)
(Billions of dollars)
Not seasonally adjusted
2011
2007
Total
Major holders
Depository institutions
Finance companies
Credit unions
Federal government7
Nonfinancial business
Pools of securitized assets8,9
Major types of credit, by holder
Revolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonfinancial business
Pools of securitized assets8,9
Nonrevolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonfinancial business
Pools of securitized assets8,9
Footnotes appear on the third page.

2008

2009

2010

2011

Q3

Q4

Q1

Q2

2012
p
r
Q3
Jul

Aug

r

Sep

p

2,528.8 2,548.9 2,438.7 2,545.3 2,631.5 2,578.4 2,631.5 2,618.9 2,662.5 2,722.0 2,666.6 2,707.3 2,722.0
894.9
572.1
236.6
93.0
59.3
673.0

965.0
554.3
236.2
104.3
56.3
632.9

1,008.1 1,010.3
398.2 430.1
77.3
62.0
31.1
33.4
...
...
36.1
34.7
465.5 450.0

906.3 1,185.5 1,192.6 1,163.1 1,192.6 1,155.7 1,174.5 1,184.0 1,176.1 1,186.8 1,184.0
471.9 708.4 690.6 687.2 690.6 682.4 678.1 680.9 676.7 680.3 680.9
237.1 226.5 223.0 223.9 223.0 223.0 232.0 237.5 235.6 238.2 237.5
178.6 308.8 417.4 398.5 417.4 452.6 470.7 509.5 471.8 495.7 509.5
51.7
53.1
53.1
52.2
53.1
51.5
51.7
52.2
51.8
52.2
52.2
593.2
63.0
54.8
53.5
54.8
53.8
55.6
57.9
54.6
54.1
57.9
921.9
373.9
38.3
35.4
...
32.3
441.9

850.2
664.7
85.0
36.3
...
32.8
31.4

851.4
663.9
87.1
37.9
...
32.8
29.8

815.9
636.3
83.2
36.3
...
31.7
28.4

851.4
663.9
87.1
37.9
...
32.8
29.8

806.4
628.0
80.6
36.4
...
31.2
30.2

815.8
645.6
72.6
37.4
...
31.4
28.9

820.2
646.3
74.3
38.1
...
31.7
29.7

815.3
645.4
72.4
37.4
...
31.6
28.5

825.4
652.7
74.4
38.1
...
31.8
28.4

820.2
646.3
74.3
38.1
...
31.7
29.7

1,520.6 1,538.6 1,516.9 1,695.1 1,780.1 1,762.5 1,780.1 1,812.5 1,846.7 1,901.8 1,851.3 1,882.0 1,901.8
496.7 534.8 532.3 520.8 528.7 526.8 528.7 527.6 528.9 537.7 530.7 534.2 537.7
494.8 492.2 433.6 623.5 603.6 603.9 603.6 601.8 605.6 606.5 604.3 605.9 606.5
205.5 202.8 201.7 190.1 185.1 187.6 185.1 186.6 194.6 199.4 198.2 200.0 199.4
93.0 104.3 178.6 308.8 417.4 398.5 417.4 452.6 470.7 509.5 471.8 495.7 509.5
23.2
21.6
19.4
20.3
20.3
20.5
20.3
20.3
20.2
20.5
20.3
20.4
20.5
207.5 182.9 151.3
31.7
25.0
25.2
25.0
23.6
26.7
28.2
26.2
25.8
28.2

Consumer Credit Outstanding (Flows)
(Billions of dollars, annual rate)
Not seasonally adjusted
2011
2007
Total

141.3

2008

2012
p
r
Q3
Jul

Aug

r

Sep

p

2009

2010

2011

Q3

Q4

Q1

Q2

20.1 -115.9

-30.4

86.2

177.2

212.6

-50.4

182.5

237.9

49.0

488.8

175.8

Major holders
Depository institutions
Finance companies
Credit unions
Federal government7
Nonfinancial business
Pools of securitized assets8,9

58.1
40.2
0.5
6.0
2.2
34.1

70.1
-17.9
-0.4
11.3
-3.0
-40.1

-64.5
-82.4
0.9
74.3
-4.6
-39.7

-70.3
-27.0
-10.7
130.2
-2.3
-50.3

7.1
-17.8
-3.4
108.7
0.0
-8.3

13.1
3.6
12.2
144.2
2.2
2.0

118.1 -147.6
13.8
-33.0
-3.5
0.1
75.7 140.6
3.5
-6.5
4.9
-4.0

83.2
-17.0
35.9
72.4
0.8
7.3

38.2
11.0
22.0
155.1
2.2
9.4

19.5
-16.9
42.7
12.9
2.1
-11.3

128.9
43.2
31.2
287.2
4.3
-6.1

-33.9
6.6
-7.8
165.1
0.1
45.7

Major types of credit, by holder
Revolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonfinancial business
Pools of securitized assets8,9

78.7
28.4
3.9
3.7
...
2.4
40.2

2.2
31.9
-15.3
2.4
...
-1.3
-15.5

-88.4
-56.2
-23.8
2.0
...
-2.4
-8.0

-68.1
-34.4
0.5
0.9
...
-3.3
-31.9

1.3
-0.8
2.1
1.6
...
0.0
-1.6

21.4
14.6
2.6
2.0
...
1.0
1.1

142.3 -180.1
110.5 -143.6
15.3
-25.9
6.7
-6.0
...
...
4.3
-6.3
5.7
1.6

37.6
70.2
-32.2
3.7
...
1.0
-5.2

17.5
2.8
7.1
3.1
...
1.0
3.4

-6.4
-1.9
-1.9
0.5
...
1.7
-4.8

121.1
86.9
24.4
8.9
...
2.2
-1.3

-62.3
-76.6
-1.1
-0.1
...
-0.9
16.4

Nonrevolving
Depository institutions
Finance companies
Credit unions
Federal government7
Nonfinancial business
Pools of securitized assets8,9

62.6
29.7
36.3
-3.2
6.0
-0.2
-6.1

17.9
38.2
-2.6
-2.7
11.3
-1.6
-24.6

-27.5
-8.3
-58.6
-1.1
74.3
-2.2
-31.6

37.7
-36.0
-27.5
-11.6
130.2
0.9
-18.4

84.9
7.8
-19.9
-5.0
108.7
0.0
-6.7

155.8
-1.6
1.0
10.2
144.2
1.2
0.9

70.2
7.6
-1.4
-10.2
75.7
-0.8
-0.8

145.0
13.0
15.1
32.2
72.4
-0.2
12.5

220.4
35.3
3.9
18.9
155.1
1.2
6.0

55.4
21.3
-14.9
42.2
12.9
0.4
-6.5

367.7
42.0
18.8
22.4
287.2
2.1
-4.8

238.1
42.6
7.7
-7.8
165.1
1.1
29.3

129.7
-4.1
-7.2
6.0
140.6
-0.1
-5.6

Footnotes
1. Covers most short- and intermediate-term 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 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.
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).
6. The statistical foundation for these series has deteriorated. Therefore, publication of these series is temporarily being suspended. The statistical foundation is in the process of
being improved, and publication will resume as soon as possible.
7. Consumer loans held by the federal government include loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family
Education Program loans that the government purchased from depository institutions and finance companies.
8. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
9. 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.
r=revised. p=preliminary. n.a.=not available. ...=not applicable.