G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time) 1 April 1997 June 6, 1997 Consumer credit outstanding grew at a 7.6 percent seasonally adjusted annual rate in April, following an upward-revised 3.0 percent increase in March. Growth in April was boosted by an upturn in auto loans. Revolving credit growth remained subdued, while that of "other" credit slowed a bit. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________________________________________________________ _______________________________ Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. r Apr. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 9.0 6.8 7.1 14.2 8.3 0.8 7.9 4.9 3.0 10.3 6.7 3.0 7.6 Automobile 8.6 3.8 17.9 17.9 -1.3 1.9 5.8 -1.7 1.8 3.1 0.7 -2.7 12.7 Revolving 18.1 15.3 5.4 15.2 8.8 -1.2 11.8 15.3 9.3 21.6 12.7 3.9 4.3 Other 3 -2.1 -0.9 -2.1 8.8 18.0 2.2 5.1 -1.4 -3.9 3.0 5.1 8.0 6.6 Amount: billions of dollars Total 1,141.8 1,148.3 1,155.1 1,168.7 1,176.8 1,177.6 1,185.3 1,190.2 1,193.2 1,203.5 1,210.2 1,213.3 1,220.9 Automobile 361.2 362.3 367.7 373.2 372.8 373.4 375.2 374.6 375.2 376.1 376.4 375.5 379.5 Revolving 437.9 443.5 445.4 451.1 454.4 454.0 458.4 464.3 467.9 476.3 481.3 482.8 484.6 Other 3 342.8 342.5 341.9 344.5 349.6 350.2 351.7 351.3 350.2 351.0 352.5 354.9 356.9 -------------------------------------------------------------------------------------------------------------------------------------------- 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. 8.93 n.a. n.a. 9.11 n.a. n.a. 9.03 n.a. n.a. 8.92 n.a. n.a. 24-mo. personal n.a. 13.52 n.a. n.a. 13.37 n.a. n.a. 13.62 n.a. n.a. 13.46 n.a. n.a. Credit card plan All accounts n.a. 15.44 n.a. n.a. 15.65 n.a. n.a. 15.62 n.a. n.a. 15.88 n.a. n.a. Accounts assessed interest n.a. 15.41 n.a. n.a. 15.64 n.a. n.a. 15.52 n.a. n.a. 15.13 n.a. n.a. New car loans at auto finance companies Interest rates 9.64 9.37 9.53 9.81 10.49 10.52 10.40 10.31 8.60 7.17 7.44 8.08 8.56 Maturity (months) 51.5 50.8 50.4 50.5 51.4 51.9 52.5 52.3 52.3 55.1 54.6 53.5 52.8 Loan-to-value ratio 91 91 91 91 92 91 89 90 90 92 92 90 91 Amount financed (dollars) 16,605 16,686 16,854 16,926 16,927 17,182 17,435 17,719 17,670 17,090 16,837 17,198 17,620 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________________________________________________________ _______________________________ Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. r Apr. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ----------------------------------------------------------------------------------------------------------------------------------------- Total 1,131.1 1,138.5 1,147.9 1,159.0 1,173.6 1,181.6 1,187.1 1,198.1 1,225.1 1,214.7 1,206.9 1,202.0 1,209.3 Major holders Commercial banks 503.9 502.3 505.7 510.2 516.7 517.1 521.3 523.0 530.1 527.2 521.3 515.2 520.4 Finance companies 153.3 155.9 153.8 154.8 153.4 154.8 153.4 153.2 154.5 154.9 154.1 150.4 149.9 Credit unions 132.8 134.6 136.1 137.9 140.0 140.9 143.0 143.3 144.1 144.4 143.8 144.4 145.8 Savings institutions 41.1 41.6 41.1 43.0 44.0 44.9 44.9 44.8 44.7 44.6 44.6 44.5 44.4 Nonfinancial business 73.7 74.6 72.0 69.9 71.0 68.5 68.0 69.8 79.7 75.6 72.6 74.6 71.9 Pools of securitized assets 5 226.2 229.5 239.3 243.1 248.6 255.3 256.5 264.1 271.9 267.9 270.5 272.9 276.8 Major types of credit 6 Automobile 356.7 359.6 366.2 372.0 374.2 376.8 379.5 378.8 378.8 375.7 374.0 371.5 374.8 Commercial banks 150.1 150.5 152.9 153.9 154.5 153.1 154.8 154.8 154.0 153.3 152.3 151.2 151.6 Finance companies 73.8 74.3 74.3 75.7 74.4 76.3 75.9 75.3 73.5 73.9 74.3 73.1 70.8 Pools of securitized assets 5 40.7 41.2 45.3 46.4 47.5 48.1 48.0 48.2 51.2 48.5 47.1 46.3 50.7 Revolving 431.1 437.6 440.6 444.7 451.5 453.9 457.9 468.0 492.4 484.0 479.9 476.8 477.2 Commercial banks 201.1 203.4 204.0 207.3 209.8 211.2 215.0 217.9 228.6 224.2 217.7 210.2 213.1 Nonfinancial business 44.5 45.2 42.6 40.5 41.3 38.8 38.1 39.3 46.9 43.9 41.8 44.0 41.4 Pools of securitized assets 5 161.4 164.5 169.2 171.6 174.6 178.0 178.6 184.0 188.7 187.9 192.3 194.8 194.5 Other 343.2 341.3 341.1 342.3 348.0 350.9 349.7 351.4 353.9 354.9 353.0 353.6 357.3 Commercial banks 152.7 148.4 148.7 149.1 152.5 152.8 151.4 150.2 147.5 149.8 151.3 153.8 155.8 Finance companies 79.5 81.6 79.5 79.1 78.9 78.5 77.5 77.9 81.0 80.9 79.8 77.3 79.2 Nonfinancial business 29.2 29.5 29.4 29.4 29.7 29.7 29.8 30.5 32.8 31.7 30.8 30.6 30.5 Pools of securitized assets 5 24.1 23.8 24.8 25.1 26.5 29.2 29.9 31.8 32.1 31.5 31.1 31.8 31.6 ----------------------------------------------------------------------------------------------------------------------------------------- 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.