Federal Reserve Statistical Release, G.19, Consumer Credit; title with eagle logo links to Statistical Release home page


Release Date: July 08, 1997

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G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time)
1 May 1997 July 8, 1997

Consumer credit outstanding grew at a 2.9 percent seasonally adjusted annual rate in May, following an upward-revised 9.7 percent increase
in April. Growth of revolving credit slowed sharply in May, while auto loans outstanding contracted. "Other" consumer credit growth picked
up in May.

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
  1996 1997
  May June July Aug. Sept. Oct. Nov. Dec. r Jan. r Feb. r Mar. r Apr. r May p
  Percent change at annual rate 2     
       Total                               6.8      7.1     14.2      8.3      0.8      7.9      4.9      2.3     10.0      6.2      2.7      9.7      2.9 
         Automobile                        3.8     17.9     17.9     -1.3      1.9      5.8     -1.7      1.8      2.6      0.2     -3.3     14.5     -5.4 
         Revolving                        15.3      5.4    15.2     8.8    -1.2    11.8    15.3     9.3    19.6    10.6     1.8    13.4     1.8
         Other 3                          -0.9     -2.1      8.8     18.0      2.2      5.1     -1.4     -6.2      5.0      6.8     10.1     -0.3     13.3 
                                      
  Amount: billions of dollars                                   
       Total                           1,148.3  1,155.1  1,168.7  1,176.8  1,177.6  1,185.3  1,190.2  1,192.5  1,202.4  1,208.7  1,211.4  1,221.1  1,224.1 
         Automobile                      362.3    367.7    373.2    372.8    373.4    375.2    374.6    375.2    376.0    376.0    375.0    379.5    377.8 
         Revolving                       443.5    445.4    451.1    454.4    454.0    458.4    464.3    467.9    475.5    479.7    480.4   485.8     486.5 
         Other 3                         342.5    341.9    344.5    349.6    350.2    351.7    351.3    349.5    351.0    353.0    355.9    355.8    359.8 
              
  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                   8.93     n.a.     n.a.     9.11     n.a.     n.a.     9.03     n.a.     n.a.     8.92     n.a.     n.a.     9.20 
         24-mo. personal              
         Credit card plan             
  13.52     n.a.     n.a.    13.37     n.a.     n.a.    13.62     n.a.     n.a.    13.46     n.a.     n.a.    13.81 
           All accounts                  15.44     n.a.     n.a.    15.65     n.a.     n.a.    15.62     n.a.     n.a.    15.88     n.a.     n.a.    15.75 
           Accounts assessed interest    15.41     n.a.     n.a.    15.64     n.a.     n.a.    15.52     n.a.     n.a.    15.13     n.a.     n.a.    15.72 
                
  New car loans at auto finance companies                                                                               
       Interest rates                     9.37     9.53     9.81    10.49    10.52    10.40    10.31     8.60     7.17     7.44     8.08     8.56     7.80 
       Maturity (months)                  50.8     50.4     50.5     51.4     51.9     52.5     52.3     52.3     55.1     54.6     53.5     52.8     53.2 
       Loan-to-value ratio                  91       91       91       92       91       89       90       90       92       92       90       91       93 
       Amount financed (dollars)        16,686   16,854   16,926   16,927   17,182   17,435   17,719   17,670   17,090   16,837   17,198   17,620   18,060 
  Footnotes appear on reverse.



1
CONSUMER CREDIT OUTSTANDING
(Billions of dollars)
Not seasonally adjusted

  1996 1997
  May June July Aug. Sept. Oct. Nov. Dec. r Jan. r Feb. r Mar. r Apr. r May p
                                                               
    Total                             1,138.5  1,147.9  1,159.0  1,173.6  1,181.6  1,187.1  1,198.1  1,224.4  1,213.6  1,205.4  1,200.1  1,209.5  1,213.6 
                                                               
    Major holders                                              
    Commercial banks                    502.3    505.7    510.2    516.7    517.1    521.3    523.0    529.4    525.7    518.9    512.0    517.2    518.5 
    Finance companies                   155.9    153.8    154.8    153.4    154.8    153.4    153.2    154.5    154.9    154.1    150.4    149.9    152.3 
    Credit unions                       134.6    136.1    137.9    140.0    140.9    143.0    143.3    144.1    144.4    143.8    144.4    146.3    147.4 
    Savings institutions                 41.6     41.1     43.0     44.0     44.9     44.9     44.8     44.7     45.1     45.5     45.9     46.2     46.6 
    Nonfinancial business                74.6     72.0     69.9     71.0     68.5     68.0     69.8     79.7     75.6     72.6     74.5     74.1     74.1 
    Pools of securitized assets 5       229.5    239.3    243.1    248.6    255.3    256.5    264.1    271.9    267.9    270.5    272.9    275.8    274.7 
                                                               
    Major types of credit 6                                    
    Automobile                          359.6    366.2    372.0    374.2    376.8    379.5    378.8    378.8    375.6    373.7    371.0    374.9    375.0 
       Commercial banks                 150.5    152.9    153.9    154.5    153.1    154.8    154.8    154.0    153.0    151.8    150.5    151.3    150.8 
       Finance companies                 74.3     74.3     75.7     74.4     76.3     75.9     75.3     73.5     73.9     74.3     73.1     70.8     72.1 
       Pools of securitized assets 5     41.2     45.3     46.4     47.5     48.1     48.0     48.2     51.2     48.5     47.1     46.3     50.7     48.5 
                                                               
    Revolving                           437.6    440.6    444.7    451.5    453.9    457.9    468.0    492.4    483.2    478.4    474.4    478.4    480.1 
       Commercial banks                 203.4    204.0    207.3    209.8    211.2    215.0    217.9    228.6    223.2    215.8    207.3    212.5    212.7 
       Nonfinancial business             45.2     42.6     40.5     41.3     38.8     38.1     39.3     46.9     43.9     41.8     44.0     43.6     43.4 
       Pools of securitized assets 5    164.5    169.2    171.6    174.6    178.0    178.6    184.0    188.7    187.9    192.3    194.8    193.5    194.7 
                                                               
    Other                               341.3    341.1    342.3    348.0    350.9    349.7    351.4    353.3    354.9    353.4    354.6    356.2    358.5 
       Commercial banks                 148.4    148.7    149.1    152.5    152.8    151.4    150.2    146.8    149.6    151.3    154.3    153.4    155.0 
       Finance companies                 81.6     79.5     79.1     78.9     78.5     77.5     77.9     81.0     80.9     79.8     77.3     79.2     80.2 
       Nonfinancial business             29.5     29.4     29.4     29.7     29.7     29.8     30.5     32.8     31.7     30.8     30.5     30.5     30.7 
       Pools of securitized assets 5     23.8     24.8     25.1     26.5     29.2     29.9     31.8     32.1     31.5     31.1     31.8     31.6     31.4 
 
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.


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