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Release Date: October 7, 2003
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Beginning with the October release (of August data), the monthly G.19 consumer credit statistics incorporate student loans extended by
the federal government and by SLM Holding Corporation (SLM), the parent company of Sallie Mae. With this addition, the historical data
on consumer credit has been revised back to 1977, which shifts the level of consumer credit about 3 percent on average between 1977:Q1
and 2003:Q2. The growth rate of consumer credit has increased an average of about 0.4 percentage point each year.
The G.19 consumer credit release now includes a sector entitled "Federal government and Sallie Mae," which shows data for student loans
extended directly by the federal government and student loans on Sallie Mae's balance sheet. The release also adds the non-GSE portion
of Sallie Mae's parent company, SLM, to the finance company sector and Sallie Mae's securitized loans to pools of securitized assets.
G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time)
1 August 2003 October 7, 2003
Consumer credit rose at an annual rate of 5-1/4 percent in August, up from a 3-3/4 rate in July. In August, revolving credit rose
modestly, while nonrevolving credit posted a more substantial gain. Starting with this release, reported consumer credit includes
student loans held by the federal government and Sallie Mae, with historical data revised back to 1977.
CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
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2002 2003
_______________________ _______________________________________
1998 1999 2000 2001 2002 Q2 Q3 Q4 Q1 r Q2 r Jun r Jul r Aug p
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Percent change at annual rate 2,3
Total 6.5 8.5 10.7 7.3 4.3 5.4 5.8 -0.4 5.1 4.8 0.3 3.8 5.2
Revolving 5.9 6.3 11.6 5.1 1.5 4.8 2.9 -3.1 4.9 3.0 -2.4 0.8 2.1
Nonrevolving 4 6.9 10.0 10.2 8.8 6.0 5.7 7.6 1.2 5.2 5.9 1.9 5.7 7.1
Amount: billions of dollars
Total 1399.9 1518.8 1692.9 1817.2 1895.4 1870.8 1897.4 1895.4 1919.0 1941.7 1941.7 1947.8 1956.0
Revolving 562.5 598.0 667.4 701.3 712.0 712.5 717.6 712.0 720.6 725.9 725.9 726.4 727.6
Nonrevolving 4 837.5 920.9 1025.5 1115.9 1183.4 1158.3 1179.8 1183.4 1198.4 1215.8 1215.8 1221.4 1228.4
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TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5
Percent except as noted: not seasonally adjusted
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Institution, terms, and type of loan
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Commercial banks
Interest rates
48-mo. new car 8.73 8.44 9.34 8.50 7.62 7.74 7.58 7.34 7.11 7.05 n.a. n.a. 6.77
24-mo. personal 13.76 13.39 13.90 13.22 12.54 12.57 12.49 12.24 11.70 12.19 n.a. n.a. 11.94
Credit card plan
All accounts 15.71 15.21 15.71 14.89 13.43 13.55 13.37 13.13 13.20 12.90 n.a. n.a. 12.49
Accounts assessed interest 15.59 14.81 14.91 14.44 13.09 13.34 13.26 12.78 12.85 12.82 n.a. n.a. 13.11
New car loans at auto finance companies
Interest rates 6.30 6.66 6.61 5.65 4.29 5.97 2.68 3.18 3.65 2.61 2.93 3.28 3.56
Maturity (months) 52.1 52.7 54.9 55.1 56.8 57.3 58.9 57.4 59.1 61.1 62.4 62.7 63.0
Loan-to-value ratio 92 92 92 91 94 92 96 96 96 97 97 95 93
Amount financed (dollars) 19,083 19,880 20,923 22,822 24,747 23,432 25,959 26,283 25,486 27,468 26,945 26,129 25,407
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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.
1
CONSUMER CREDIT OUTSTANDING
(Billions of dollars)
Not seasonally adjusted
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2002 2003
_______________________ _______________________________________
1998 1999 2000 2001 2002 Q2 Q3 Q4 Q1 r Q2 r Jun r Jul r Aug p
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Total 1430.2 1550.4 1727.7 1853.7 1932.9 1861.1 1892.5 1932.9 1908.2 1931.6 1931.6 1935.6 1954.8
Major holders
Total 1430.2 1550.4 1727.7 1853.7 1932.9 1861.1 1892.5 1932.9 1908.2 1931.6 1931.6 1935.6 1954.8
Commercial banks 508.9 499.8 541.5 558.4 587.2 554.9 575.7 587.2 575.3 584.3 584.3 582.5 588.3
Finance companies 183.3 201.6 220.5 238.1 237.8 238.3 249.7 237.8 233.5 244.3 244.3 249.7 257.9
Credit unions 155.4 167.9 184.4 189.6 195.7 191.6 195.9 195.7 193.9 198.6 198.6 201.4 204.4
Federal government and Sallie Mae 65.7 84.7 104.0 119.5 129.6 125.1 134.3 129.6 125.9 120.4 120.4 120.1 121.3
Savings institutions 51.6 61.5 64.6 69.1 68.5 68.5 65.2 68.5 68.4 73.6 73.6 73.5 73.3
Nonfinancial business 74.9 80.3 82.7 68.0 56.9 53.0 49.2 56.9 48.5 47.6 47.6 47.2 48.0
Pools of securitized assets 6 390.3 454.5 530.0 611.0 657.2 629.9 622.5 657.2 662.8 662.9 662.9 661.2 661.7
Major types of credit 7
Revolving 586.2 621.9 693.0 727.3 738.0 709.3 711.6 738.0 713.5 722.8 722.8 720.5 725.3
Commercial banks 210.3 189.4 218.1 224.9 231.0 215.8 226.2 231.0 212.5 217.5 217.5 214.9 216.4
Finance companies 31.9 32.5 37.6 31.5 38.9 32.1 37.3 38.9 36.3 34.6 34.6 35.0 36.1
Credit unions 19.9 20.6 22.2 22.3 22.2 21.0 21.3 22.2 20.7 21.1 21.1 21.2 21.3
Federal government and Sallie Mae 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.
Savings institutions 12.5 15.8 16.6 17.8 16.2 17.8 14.7 16.2 16.0 19.1 19.1 18.9 18.7
Nonfinancial business 39.2 42.8 42.4 29.8 19.2 17.9 14.1 19.2 13.7 12.9 12.9 12.7 13.2
Pools of securitized assets 6 272.3 320.8 356.1 401.1 410.4 404.7 398.0 410.4 414.3 417.6 417.6 417.8 419.6
Nonrevolving 844.1 928.4 1034.6 1126.4 1194.9 1151.9 1180.9 1194.9 1194.8 1208.9 1208.9 1215.0 1229.5
Commercial banks 298.6 310.4 323.4 333.5 356.2 339.1 349.5 356.2 362.8 366.8 366.8 367.6 371.8
Finance companies 151.4 169.2 182.9 206.6 198.8 206.1 212.4 198.8 197.2 209.6 209.6 214.7 221.7
Credit unions 135.5 147.3 162.2 167.3 173.5 170.6 174.6 173.5 173.2 177.5 177.5 180.2 183.1
Federal government and Sallie Mae 65.7 84.7 104.0 119.5 129.6 125.1 134.3 129.6 125.9 120.4 120.4 120.1 121.3
Savings institutions 39.2 45.7 48.0 51.3 52.3 50.7 50.5 52.3 52.4 54.4 54.4 54.5 54.6
Nonfinancial business 35.7 37.5 40.2 38.2 37.7 35.2 35.0 37.7 34.8 34.7 34.7 34.5 34.8
Pools of securitized assets 6 118.0 133.6 173.9 209.9 246.8 225.1 224.5 246.8 248.5 245.3 245.3 243.4 242.1
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.
Growth rates are adjusted to exclude the effect of such breaks.
3. Percent changes calculated from unrounded data.
4. Comprises automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, trailers, or
vacations. These loans may be secured or unsecured.
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). 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.
6. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of
the loan originators.
7. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised. p=preliminary.
Release dates | Historical data
Current release Other formats:
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ASCII | PDF (15KB)
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