Full text of G.19 Consumer Credit : September 8, 2005
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G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) July 2005 September 8, 2005 Consumer credit increased at an annual rate of 2-1/2 percent in July after rising at close to a 4 percent pace in the second quarter. In July, a moderate increase in nonrevolving credit was partly offset by a small decline in revolving credit. CONSUMER CREDIT OUTSTANDING1,2 Seasonally adjusted Percent change at annual rate3,4 Total Revolving Nonrevolving5 Amount: billions of dollars Total Revolving Nonrevolving5 r 2001 r 2002 r 2003 r 2004 10.8 11.8 10.2 7.7 5.6 9.1 4.7 2.8 6.0 4.7 3.0 5.7 4.7 4.6 4.7 3.0 0.3 4.6 5.9 9.3 3.9 5.1 4.9 5.2 4.1 1.7 5.6 3.8 4.6 3.3 -0.1 2.1 -1.4 8.2 10.8 6.6 2.4 -1.5 4.8 1,707.4 678.5 1,028.9 1,838.8 716.6 1,122.2 1,925.5 736.4 1,189.2 2,015.3 758.3 1,257.1 2,110.1 793.5 1,316.6 2,053.0 766.0 1,287.0 2,083.4 783.9 1,299.6 2,110.1 793.5 1,316.6 2,131.9 796.8 1,335.1 2,152.1 806.0 1,346.1 2,137.6 798.8 1,338.8 2,152.1 806.0 1,346.1 2,156.5 805.0 1,351.5 Q4 r Q1 r Q2 r 2005 r May r 2000 Q2 r 2004 r Q3 Jun r p Jul TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES5 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 9.34 13.90 8.50 13.22 7.62 12.54 6.93 11.95 6.60 11.89 6.43 11.80 6.55 12.02 6.71 11.84 6.86 12.01 6.93 12.03 6.93 12.03 n.a. n.a. n.a. n.a. 15.78 14.92 14.87 14.46 13.40 13.11 12.30 12.73 12.71 13.21 12.68 12.93 13.01 13.60 12.50 13.92 12.21 14.13 12.76 14.81 12.76 14.81 n.a. n.a. n.a. n.a. New car loans at auto finance companies Interest Rates 6.61 Maturity (months) 54.9 Loan-to-Value Ratio 92 Amount financed (dollars) 20,923 5.65 55.1 91 22,822 4.29 56.8 94 24,747 3.40 61.4 95 26,295 4.36 60.5 89 24,888 3.65 60.2 92 25,525 5.54 60.9 85 23,179 5.01 61.3 84 24,376 4.86 59.3 86 24,116 5.18 59.5 88 23,477 5.25 59.2 88 22,989 5.55 59.9 88 23,717 5.71 60.4 89 25,086 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 r 2000 Total r 2001 r 2002 r 2003 r 2004 Q2 r 2004 r Q3 Q4 r Q1 r Q2 r 2005 r May Jun r p Jul 1,732.7 1,865.4 1,952.8 2,043.2 2,139.9 2,039.8 2,084.6 2,139.9 2,121.9 2,138.1 2,125.9 2,138.1 2,140.9 Major holders Total 1,732.7 1,865.4 1,952.8 2,043.2 2,139.9 2,039.8 2,084.6 2,139.9 2,121.9 2,138.1 2,125.9 2,138.1 2,140.9 Commercial banks 554.0 571.8 606.4 675.0 711.4 666.7 682.8 711.4 690.5 691.6 690.3 691.6 701.6 Finance companies 220.5 238.1 237.8 295.4 368.2 324.7 352.7 368.2 363.3 358.1 360.1 358.1 352.8 Credit unions 184.4 189.6 195.7 205.9 215.4 211.7 214.5 215.4 215.0 220.7 218.9 220.7 224.3 Federal government and Sallie Mae 104.0 119.5 129.6 114.7 98.4 94.8 99.2 98.4 100.6 98.6 98.8 98.6 98.1 Savings institutions 64.8 71.1 68.7 77.9 91.3 88.1 89.2 91.3 90.8 94.0 92.9 94.0 94.2 Nonfinancial business 83.7 75.6 77.5 63.3 64.8 60.5 59.1 64.8 61.0 61.2 61.0 61.2 61.2 521.3 599.7 637.1 611.0 590.5 593.3 587.2 590.5 600.7 613.8 603.8 613.8 608.7 Pools of securitized assets7 Major types of credit8 Revolving Commercial banks Finance companies Credit unions Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets7 697.9 230.6 37.6 22.2 n.a. 16.6 43.4 347.4 737.2 238.3 31.5 22.3 n.a. 17.9 37.4 389.7 757.7 250.2 38.9 22.2 n.a. 16.3 39.8 390.3 780.5 290.7 37.6 22.4 n.a. 23.8 19.4 386.7 817.8 321.8 43.3 23.2 n.a. 27.9 17.9 383.7 762.5 281.6 39.9 21.6 n.a. 25.1 18.9 375.4 778.3 292.7 45.5 22.2 n.a. 25.5 16.9 375.7 817.8 321.8 43.3 23.2 n.a. 27.9 17.9 383.7 789.8 295.2 44.4 22.5 n.a. 27.2 17.2 383.2 802.1 301.3 47.4 23.2 n.a. 28.2 17.3 384.8 794.4 297.5 46.3 22.9 n.a. 27.9 17.3 382.4 802.1 301.3 47.4 23.2 n.a. 28.2 17.3 384.8 800.1 303.3 48.0 23.4 n.a. 28.0 17.2 380.1 Nonrevolving 1,034.8 1,128.2 1,195.0 1,262.6 1,322.1 1,277.3 1,306.2 1,322.1 1,332.1 1,335.9 1,331.5 1,335.9 1,340.9 Commercial banks 323.4 333.5 356.2 384.4 389.6 385.1 390.1 389.6 395.2 390.3 392.7 390.3 398.3 Finance companies 182.9 206.6 198.8 257.8 324.8 284.8 307.2 324.8 318.8 310.7 313.8 310.7 304.7 Credit unions 162.2 167.3 173.5 183.5 192.1 190.1 192.3 192.1 192.5 197.6 196.0 197.6 200.9 Federal government and Sallie Mae 104.0 119.5 129.6 114.7 98.4 94.8 99.2 98.4 100.6 98.6 98.8 98.6 98.1 Savings institutions 48.2 53.2 52.4 54.0 63.4 63.0 63.7 63.4 63.6 65.8 65.0 65.8 66.2 Nonfinancial business 40.2 38.2 37.7 44.0 46.9 41.7 42.2 46.9 43.8 44.0 43.8 44.0 44.0 Pools of securitized assets7 173.9 209.9 246.8 224.3 206.8 217.8 211.5 206.8 217.5 229.0 221.4 229.0 228.6 1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 2. Revolving credit held by nonfinancial business has been benchmarked to source data and revised back to 1999. Seasonally adjusted series have been revised from January 1998 forward as a result of new seasonal factors. 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 are at a simple annual rate and are 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.