Full text of G.19 Consumer Credit : September 8, 2006
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G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) July 2006 September 8, 2006 Consumer credit increased at an annual rate of 2-3/4 percent in July. Data for finance companies have been revised from June 2000 forward. This revision boosted the annual growth rate of total consumer credit about 1-1/4 percentage points from 2001 to 2005.1 CONSUMER CREDIT OUTSTANDING2, 3 Seasonally adjusted Percent change at annual rate4 Total Revolving Nonrevolving5 Amount: billions of dollars Total Revolving Nonrevolving5 r 2002 r 2003 r 2004 r 2005 9.0 5.9 11.0 5.8 2.7 7.7 5.3 2.9 6.8 5.4 4.2 6.1 4.0 2.8 4.6 4.8 3.8 5.4 4.4 3.3 5.0 1.9 4.0 0.8 2.6 -0.7 4.4 6.6 10.2 4.7 8.2 13.0 5.5 7.3 13.2 4.0 2.8 3.4 2.5 1,876.9 723.2 1,153.8 1,984.9 742.8 1,242.1 2,090.2 764.2 1,326.1 2,203.3 796.4 1,406.9 2,291.3 819.1 1,472.2 2,255.5 804.2 1,451.2 2,280.2 811.0 1,469.3 2,291.3 819.1 1,472.2 2,306.0 817.6 1,488.4 2,344.3 838.4 1,505.9 2,330.2 829.3 1,500.9 2,344.3 838.4 1,505.9 2,349.9 840.8 1,509.1 Q4 r Q1 r Q2 r 2006 r May r 2001 Q2 r 2005 r Q3 Jun r p Jul 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 8.50 13.22 7.62 12.54 6.93 11.95 6.60 11.89 7.08 12.05 6.93 12.03 7.08 12.22 7.43 11.95 7.39 12.18 7.53 12.63 7.53 12.63 n.a. n.a. n.a. n.a. 14.87 14.46 13.40 13.11 12.30 12.73 12.71 13.21 12.51 14.54 12.76 14.81 12.48 14.75 12.58 14.49 13.30 14.38 13.14 14.77 13.14 14.77 n.a. n.a. n.a. n.a. New car loans at auto finance companies Interest Rates 5.65 Maturity (months) 55.1 Loan-to-Value Ratio 91 Amount financed (dollars) 22,822 4.29 56.8 94 24,747 3.40 61.4 95 26,295 4.36 60.5 89 24,888 5.46 60.0 88 24,133 5.18 59.5 88 23,477 5.80 60.2 88 24,575 5.97 61.1 89 24,363 5.34 61.8 90 24,926 5.62 61.0 90 25,300 5.96 61.0 91 24,788 5.30 61.2 89 26,126 5.37 61.1 88 26,059 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 2001 Total r 2002 r 2003 r 2004 r 2005 Q2 r 2005 r Q3 Q4 r Q1 r Q2 r 2006 r May Jun r p Jul 1,904.9 2,012.9 2,118.4 2,233.0 2,322.0 2,239.2 2,286.6 2,322.0 2,293.3 2,327.4 2,316.4 2,327.4 2,332.4 Major holders Total 1,904.9 2,012.9 2,118.4 2,233.0 2,322.0 2,239.2 2,286.6 2,322.0 2,293.3 2,327.4 2,316.4 2,327.4 2,332.4 Commercial banks 568.4 602.6 669.4 704.3 707.0 684.0 708.2 707.0 697.6 694.8 713.2 694.8 697.6 Finance companies 280.0 307.5 393.0 492.3 516.5 495.1 508.4 516.5 499.6 506.8 498.7 506.8 510.8 Credit unions 189.6 195.7 205.9 215.4 228.6 221.3 229.5 228.6 228.8 235.1 233.0 235.1 236.5 Federal government and Sallie Mae 119.5 129.6 114.7 98.4 102.1 98.6 103.9 102.1 104.5 102.6 104.1 102.6 101.6 Savings institutions 71.1 68.7 77.9 91.3 109.1 94.0 99.4 109.1 100.1 103.9 102.6 103.9 103.3 Nonfinancial business 75.6 77.5 63.3 64.7 62.2 60.9 62.0 62.2 58.4 56.5 56.6 56.5 55.6 600.7 631.2 594.2 566.7 596.5 585.3 575.2 596.5 604.4 627.7 608.2 627.7 627.1 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 742.9 234.9 34.8 22.3 n.a. 17.9 37.4 395.6 762.9 246.4 44.4 22.2 n.a. 16.3 39.8 393.7 784.8 285.0 45.3 22.4 n.a. 23.8 19.4 388.9 818.7 314.6 50.4 23.2 n.a. 27.9 17.9 384.6 842.1 311.2 66.3 24.7 n.a. 40.8 14.4 384.7 799.9 293.7 55.5 22.8 n.a. 28.2 17.3 382.4 809.6 300.6 57.7 23.2 n.a. 29.9 18.2 380.1 842.1 311.2 66.3 24.7 n.a. 40.8 14.4 384.7 808.3 281.2 63.7 23.1 n.a. 39.7 13.7 386.9 833.9 291.1 69.5 24.3 n.a. 41.4 11.5 396.1 824.3 293.0 67.5 23.9 n.a. 40.8 11.5 387.6 833.9 291.1 69.5 24.3 n.a. 41.4 11.5 396.1 835.4 295.4 69.6 24.7 n.a. 40.6 10.5 394.5 Nonrevolving 1,161.9 1,250.0 1,333.6 1,414.4 1,480.0 1,439.3 1,476.9 1,480.0 1,485.0 1,493.6 1,492.1 1,493.6 1,497.0 Commercial banks 333.5 356.2 384.4 389.6 395.8 390.2 407.7 395.8 416.3 403.7 420.2 403.7 402.2 Finance companies 245.1 263.1 347.8 442.0 450.2 439.6 450.7 450.2 435.8 437.3 431.2 437.3 441.1 Credit unions 167.3 173.5 183.5 192.1 203.9 198.5 206.3 203.9 205.7 210.8 209.1 210.8 211.8 Federal government and Sallie Mae 119.5 129.6 114.7 98.4 102.1 98.6 103.9 102.1 104.5 102.6 104.1 102.6 101.6 Savings institutions 53.2 52.4 54.0 63.4 68.3 65.8 69.5 68.3 60.4 62.5 61.8 62.5 62.6 Nonfinancial business 38.2 37.7 44.0 46.8 47.8 43.7 43.8 47.8 44.6 45.0 45.1 45.0 45.1 Pools of securitized assets7 205.1 237.5 205.4 182.1 211.8 203.0 195.0 211.8 217.6 231.6 220.6 231.6 232.6 1. The finance company revision is a result of benchmarking to the 2005 quinquennial finance company survey. For more information on this survey, visit <www.federalreserve.gov/releases/G19/>. 2. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 3. Seasonally adjusted series have been revised from January 1996 forward as a result of new seasonal factors. 4. 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. 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.