G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time) 1 July 1996 September 9, 1996 Consumer credit outstanding grew at an 8.0 percent seasonally adjusted annual rate in July. Growth in revolving credit strengthened, but growth in auto credit slowed and the level of 'other' credit declined further. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- 1995 1996 _______________________________________________ _______________________________________________________ July Aug. Sept. Oct. Nov. Dec. r Jan. r Feb. r Mar. r Apr. r May r June r July p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 12.2 14.3 16.8 8.9 12.9 9.8 10.9 12.2 11.8 8.0 6.3 7.0 8.0 Automobile 15.4 8.3 6.4 10.8 10.8 12.5 5.7 8.9 8.8 9.1 3.9 18.5 6.3 Revolving 10.8 24.6 29.1 15.2 8.4 19.2 14.7 19.2 15.8 20.0 17.0 5.7 19.4 Other 3 10.4 8.3 12.9 -0.6 20.5 -4.2 11.7 7.2 9.8 -7.9 -4.9 -3.5 -5.1 Amount: billions of dollars Total 1,047.5 1,059.9 1,074.7 1,082.7 1,094.4 1,103.3 1,113.4 1,124.7 1,135.7 1,143.3 1,149.3 1,156.0 1,163.7 Automobile 336.9 339.2 341.0 344.1 347.2 350.8 352.5 355.1 357.8 360.5 361.6 367.2 369.1 Revolving 382.2 390.1 399.5 404.6 407.4 413.9 419.0 425.7 431.2 438.4 444.7 446.8 454.0 Other 3 328.4 330.6 334.2 334.0 339.7 338.6 341.9 343.9 346.7 344.5 343.0 342.1 340.6 -------------------------------------------------------------------------------------------------------------------------------------------- TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 4 Percent except as noted: not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- Institution, terms, and type of loan -------------------------------------------------------------------------------------------------------------------------------------------- Commercial banks Interest rates 48-mo. new car n.a. 9.44 n.a. n.a. 9.36 n.a. n.a. 9.12 n.a. n.a. 8.93 n.a. n.a. 24-mo. personal n.a. 13.84 n.a. n.a. 13.80 n.a. n.a. 13.63 n.a. n.a. 13.52 n.a. n.a. Credit card plan All accounts n.a. 15.98 n.a. n.a. 15.81 n.a. n.a. 15.82 n.a. n.a. 15.44 n.a. n.a. Accounts assessed interest n.a. 15.94 n.a. n.a. 15.71 n.a. n.a. 15.41 n.a. n.a. 15.41 n.a. n.a. New car loans at auto finance companies Interest rates 11.01 10.85 10.75 10.89 10.84 10.52 9.74 9.86 9.77 9.64 9.37 9.53 9.81 Maturity (months) 54.1 53.5 53.4 54.6 54.5 53.6 51.8 52.3 51.8 51.5 50.8 50.4 50.5 Loan-to-value ratio 92 92 92 92 92 92 92 91 91 91 91 91 91 Amount financed (dollars) 16,086 16,056 16,402 16,430 16,583 17,034 16,698 16,627 16,520 16,605 16,686 16,854 16,926 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------ 1995 1996 _______________________________________________ _______________________________________________________ July Aug. Sept. Oct. Nov. Dec. r Jan. r Feb. r Mar. r Apr. r May r June r July p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------------------------------------------------------------------------------------------------------------------------------------------ Total 1,038.9 1,057.2 1,078.2 1,084.1 1,101.4 1,131.9 1,123.7 1,121.8 1,125.4 1,132.6 1,139.6 1,148.8 1,154.0 Major holders Commercial banks 480.5 490.4 492.4 491.8 496.0 507.8 502.2 500.3 500.9 506.7 505.3 507.8 511.6 Finance companies 142.2 145.5 146.2 148.7 147.1 152.6 152.6 154.4 151.7 153.3 155.9 155.9 156.3 Credit unions 126.8 128.7 129.2 130.3 130.9 131.9 131.3 130.8 130.8 131.8 133.4 134.6 136.9 Savings institutions 38.9 39.3 39.7 40.1 40.5 40.1 40.2 40.4 40.8 41.0 41.0 40.3 40.3 Nonfinancial business 80.0 78.6 78.3 78.8 77.9 85.1 80.7 78.1 76.7 73.8 74.7 72.1 71.2 Pools of securitized assets 5 170.5 174.8 192.4 194.5 208.9 214.4 216.6 217.7 224.4 226.0 229.3 238.2 237.6 Major types of credit 6 Automobile 335.7 340.5 344.1 348.1 351.0 354.1 352.0 352.9 354.1 356.0 358.9 365.7 368.0 Commercial banks 145.5 147.2 146.9 150.1 148.0 149.1 148.2 147.7 148.5 150.4 151.3 154.1 155.7 Finance companies 65.9 68.3 68.9 70.8 68.2 70.6 71.4 73.3 72.1 73.8 74.3 74.3 75.0 Pools of securitized assets 5 37.4 36.9 39.1 37.2 44.7 44.4 42.4 41.6 42.8 40.5 41.0 44.5 42.8 Revolving 376.9 387.5 399.3 404.0 410.5 435.7 426.0 424.5 425.9 431.7 438.8 441.9 447.6 Commercial banks 187.4 195.4 195.0 195.9 197.1 210.3 200.1 198.9 196.8 201.9 205.0 206.4 211.8 Nonfinancial business 51.7 49.8 49.6 50.0 48.5 53.5 50.5 48.6 47.4 44.5 45.2 42.6 41.7 Pools of securitized assets 5 116.5 120.3 132.8 135.7 141.9 147.9 151.6 153.4 157.9 161.4 164.5 168.8 169.7 Other 326.3 329.2 334.8 332.1 339.8 342.2 345.7 344.4 345.5 344.9 341.8 341.3 338.4 Commercial banks 147.7 147.7 150.5 145.7 150.9 148.4 153.9 153.7 155.6 154.3 149.0 147.4 144.1 Finance companies 76.3 77.3 77.3 77.9 78.9 82.0 81.2 81.1 79.6 79.5 81.6 81.6 81.3 Nonfinancial business 28.4 28.7 28.7 28.8 29.4 31.5 30.2 29.5 29.3 29.2 29.5 29.5 29.5 Pools of securitized assets 5 16.6 17.5 20.4 21.5 22.3 22.1 22.6 22.7 23.7 24.1 23.8 24.8 25.1 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Covers most short- and intermediate- term credit extended to individuals, excluding loans secured by real estate. 2. Percent changes calculated from unrounded data. 3. Comprises mobile home loans and all other loans not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 4. 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. 5. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 6. Includes estimates for holders that do not separately report consumer credit holding by type. r=revised. p=preliminary.