G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time)
1 November 1996 January 8, 1997
Consumer credit outstanding grew at a 7.4 percent seasonally adjusted annual rate in November, following a revised 6.7 percent gain in
October. Revolving credit growth strengthened in November while growth of auto credit slowed and that of 'other' consumer credit continued
at about the October pace.
CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
| 1995 | 1996 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | May | June r | July r | Aug. r | Sept. r | Oct. r | Nov. p | |
| Percent change at annual rate 2 | |||||||||||||
| Total | 12.9 | 9.8 | 11.1 | 12.3 | 11.9 | 8.5 | 6.9 | 6.1 | 14.3 | 6.5 | -0.1 | 6.7 | 7.4 |
| Automobile | 10.8 | 12.5 | 7.2 | 9.6 | 9.5 | 8.6 | 3.8 | 17.9 | 21.7 | 1.8 | 4.3 | 3.1 | 1.5 |
| Revolving | 8.4 | 19.2 | 14.8 | 19.2 | 15.8 | 18.1 | 15.3 | 4.5 | 18.9 | 6.7 | 2.0 | 3.8 | 8.5 |
| Other 3 | 20.5 | -4.2 | 10.8 | 6.7 | 9.5 | -3.7 | -0.4 | -4.1 | 0.5 | 11.2 | -7.5 | 14.5 | 12.3 |
| Amount: billions of dollars | |||||||||||||
| Total | 1,094.4 | 1,103.3 | 1,113.5 | 1,125.0 | 1,136.2 | 1,144.2 | 1,150.8 | 1,156.7 | 1,170.4 | 1,176.8 | 1,176.7 | 1,183.2 | 1,190.6 |
| Automobile | 347.2 | 350.8 | 352.9 | 355.8 | 358.6 | 361.2 | 362.3 | 367.7 | 374.3 | 374.9 | 376.2 | 377.2 | 377.7 |
| Revolving | 407.4 | 413.9 | 419.0 | 425.7 | 431.3 | 437.9 | 443.5 | 445.1 | 452.1 | 454.6 | 455.4 | 456.8 | 460.0 |
| Other 3 | 339.7 | 338.6 | 341.6 | 343.5 | 346.2 | 345.2 | 345.1 | 343.9 | 344.0 | 347.2 | 345.1 | 349.2 | 352.8 |
| 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 | 9.36 | n.a. | n.a. | 9.12 | n.a. | n.a. | 8.93 | n.a. | n.a. | 9.11 | n.a. | n.a. | 9.03 |
| 24-mo. personal Credit card plan |
13.80 | n.a. | n.a. | 13.63 | n.a. | n.a. | 13.52 | n.a. | n.a. | 13.37 | n.a. | n.a. | 13.62 |
| All accounts | 15.81 | n.a. | n.a. | 15.82 | n.a. | n.a. | 15.44 | n.a. | n.a. | 15.65 | n.a. | n.a. | 15.62 |
| Accounts assessed interest | 15.71 | n.a. | n.a. | 15.41 | n.a. | n.a. | 15.41 | n.a. | n.a. | 15.64 | n.a. | n.a. | 15.52 |
| New car loans at auto finance companies | |||||||||||||
| Interest rates | 10.84 | 10.52 | 9.74 | 9.86 | 9.77 | 9.64 | 9.37 | 9.53 | 9.81 | 10.49 | 10.52 | 10.40 | 10.31 |
| Maturity (months) | 54.5 | 53.6 | 51.8 | 52.3 | 51.8 | 51.5 | 50.8 | 50.4 | 50.5 | 51.4 | 51.9 | 52.5 | 52.3 |
| Loan-to-value ratio | 92 | 92 | 92 | 91 | 91 | 91 | 91 | 91 | 91 | 92 | 91 | 89 | 90 |
| Amount financed (dollars) | 16,583 | 17,034 | 16,698 | 16,627 | 16,520 | 16,605 | 16,686 | 16,854 | 16,926 | 16,927 | 17,182 | 17,435 | 17,719 |
Footnotes appear on reverse.
1
CONSUMER CREDIT OUTSTANDING
(Billions of dollars)
Not seasonally adjusted
| 1995 | 1996 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov. | Dec. | Jan. | Feb. | Mar. | Apr. | May | June r | July r | Aug. r | Sept. r | Oct. r | Nov. p | |
| Total | 1,101.4 | 1,131.9 | 1,123.8 | 1,122.1 | 1,125.8 | 1,133.4 | 1,141.0 | 1,149.5 | 1,160.7 | 1,173.6 | 1,180.7 | 1,185.0 | 1,198.5 |
| Major holders | |||||||||||||
| Commercial banks | 496.0 | 507.8 | 502.0 | 500.1 | 500.6 | 506.3 | 504.9 | 507.6 | 511.9 | 518.4 | 518.0 | 519.7 | 522.5 |
| Finance companies | 147.1 | 152.6 | 152.6 | 154.4 | 151.7 | 153.3 | 155.9 | 153.8 | 154.8 | 153.4 | 154.8 | 153.4 | 153.2 |
| Credit unions | 130.9 | 131.9 | 131.5 | 131.2 | 131.5 | 132.8 | 134.6 | 136.1 | 138.2 | 140.6 | 142.0 | 144.4 | 145.1 |
| Savings institutions | 40.5 | 40.1 | 40.2 | 40.4 | 40.7 | 41.1 | 41.6 | 41.1 | 42.1 | 42.2 | 43.0 | 43.8 | 44.6 |
| Nonfinancial business | 77.9 | 85.1 | 80.7 | 78.1 | 76.7 | 73.7 | 74.6 | 72.0 | 71.1 | 71.0 | 68.6 | 67.9 | 69.7 |
| Pools of securitized assets 5 | 208.9 | 214.4 | 216.8 | 217.9 | 224.6 | 226.2 | 229.5 | 239.0 | 242.5 | 247.9 | 254.4 | 255.7 | 263.3 |
| Major types of credit 6 | |||||||||||||
| Automobile | 351.0 | 354.1 | 352.5 | 353.5 | 354.9 | 356.7 | 359.6 | 366.2 | 373.1 | 376.3 | 379.7 | 381.5 | 381.9 |
| Commercial banks | 148.0 | 149.1 | 148.2 | 147.7 | 148.5 | 150.1 | 150.5 | 152.9 | 154.6 | 156.0 | 155.4 | 155.6 | 156.0 |
| Finance companies | 68.2 | 70.6 | 71.4 | 73.3 | 72.1 | 73.8 | 74.3 | 74.3 | 75.7 | 74.4 | 76.3 | 75.9 | 75.3 |
| Pools of securitized assets 5 | 44.7 | 44.4 | 42.6 | 41.8 | 43.0 | 40.7 | 41.2 | 45.3 | 46.4 | 47.4 | 47.8 | 47.7 | 47.9 |
| Revolving | 410.5 | 435.7 | 426.0 | 424.6 | 426.0 | 431.1 | 437.6 | 440.2 | 445.7 | 451.7 | 455.3 | 456.3 | 463.7 |
| Commercial banks | 197.1 | 210.3 | 200.1 | 198.9 | 196.8 | 201.1 | 203.4 | 204.0 | 207.9 | 211.0 | 213.8 | 214.6 | 215.0 |
| Nonfinancial business | 48.5 | 53.5 | 50.5 | 48.6 | 47.4 | 44.5 | 45.2 | 42.6 | 41.7 | 41.3 | 38.8 | 38.1 | 39.3 |
| Pools of securitized assets 5 | 141.9 | 147.9 | 151.6 | 153.4 | 157.9 | 161.4 | 164.5 | 168.8 | 171.0 | 174.0 | 177.4 | 178.1 | 183.6 |
| Other | 339.8 | 342.2 | 345.4 | 343.9 | 345.0 | 345.6 | 343.8 | 343.1 | 341.8 | 345.6 | 345.7 | 347.2 | 352.9 |
| Commercial banks | 150.9 | 148.4 | 153.7 | 153.5 | 155.3 | 155.1 | 150.9 | 150.6 | 149.3 | 151.4 | 148.7 | 149.4 | 151.5 |
| Finance companies | 78.9 | 82.0 | 81.2 | 81.1 | 79.6 | 79.5 | 81.6 | 79.5 | 79.1 | 78.9 | 78.5 | 77.5 | 77.9 |
| Nonfinancial business | 29.4 | 31.5 | 30.2 | 29.5 | 29.3 | 29.2 | 29.5 | 29.4 | 29.4 | 29.8 | 29.8 | 29.8 | 30.4 |
| Pools of securitized assets 5 | 22.3 | 22.1 | 22.6 | 22.7 | 23.7 | 24.1 | 23.8 | 24.8 | 25.1 | 26.5 | 29.2 | 29.9 | 31.8 |
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.