G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 July 1997 September 8, 1997 Consumer credit outstanding increased at a 6.4 percent seasonally adjusted annual rate in July, following an upward-revised 0.8 percent gain in June. In July, growth in both automobile and revolving credit picked up, while "other" credit fell as it did in June. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________________________________ _______________________________________________________ July Aug. Sept. Oct. Nov. Dec. Jan. r Feb. r Mar. r Apr. r May r June r July p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 12.7 7.3 2.4 5.8 4.3 0.2 11.0 8.0 2.7 9.6 2.7 0.8 6.4 Automobile 13.1 1.5 2.2 4.9 -0.1 5.6 1.0 0.5 -1.1 11.7 0.4 2.8 10.9 Revolving 15.1 7.3 5.6 13.5 13.3 5.5 17.7 12.6 -2.7 6.8 4.1 5.6 12.5 Other 3 8.1 14.6 -2.6 -5.4 -4.9 -15.4 13.0 9.9 16.7 11.4 3.2 -9.8 -9.7 Amount: billions of dollars Total 1,164.5 1,171.6 1,173.9 1,179.6 1,183.8 1,184.0 1,194.9 1,202.8 1,205.5 1,215.1 1,217.8 1,218.6 1,225.1 Automobile 385.7 386.2 386.9 388.5 388.5 390.3 390.6 390.8 390.4 394.3 394.4 395.3 398.9 Revolving 479.6 482.5 484.8 490.3 495.7 498.0 505.3 510.6 509.5 512.4 514.1 516.5 521.9 Other 3 299.2 302.8 302.2 300.8 299.6 295.7 298.9 301.4 305.6 308.5 309.3 306.8 304.3 --------------------------------------------------------------------------------------------------------------------------------------- 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. 9.11 n.a. n.a. 9.03 n.a. n.a. 8.92 n.a. n.a. 9.20 n.a. n.a. 24-mo. personal n.a. 13.37 n.a. n.a. 13.62 n.a. n.a. 13.46 n.a. n.a. 13.81 n.a. n.a. Credit card plan All accounts n.a. 15.65 n.a. n.a. 15.62 n.a. n.a. 15.88 n.a. n.a. 15.75 n.a. n.a. Accounts assessed interest n.a. 15.64 n.a. n.a. 15.52 n.a. n.a. 15.13 n.a. n.a. 15.72 n.a. n.a. New car loans at auto finance companies Interest rates 9.81 10.49 10.52 10.40 10.31 8.60 7.17 7.44 8.08 8.56 7.80 7.64 6.71 Maturity (months) 50.5 51.4 51.9 52.5 52.3 52.3 55.1 54.6 53.5 52.8 53.2 53.3 54.6 Loan-to-value ratio 91 92 91 89 90 90 92 92 90 91 93 93 94 Amount financed (dollars) 16,926 16,927 17,182 17,435 17,719 17,670 17,090 16,837 17,198 17,620 18,060 18,171 18,281 --------------------------------------------------------------------------------------------------------------------------------------- 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 _______________________________________________ _______________________________________________________ July Aug. Sept. Oct. Nov. Dec. Jan. r Feb. r Mar. r Apr. r May r June r July p --------------------------------------------------------------------------------------------------------------------------------------- Total 1,157.6 1,171.6 1,177.3 1,180.2 1,190.3 1,214.9 1,204.5 1,197.1 1,193.9 1,203.3 1,207.7 1,213.0 1,218.1 Major holders Commercial banks 510.2 516.7 517.1 521.3 523.0 529.4 525.5 518.6 511.5 517.3 518.8 517.0 521.3 Finance companies 155.8 154.7 154.6 151.4 151.0 152.4 153.5 153.3 153.0 151.9 154.2 155.8 156.6 Credit unions 137.9 140.0 140.9 143.0 143.3 144.1 144.4 143.8 144.4 146.3 147.6 148.7 150.1 Savings institutions 43.0 44.0 44.9 44.9 44.8 44.7 45.1 45.5 45.9 46.2 46.6 47.0 47.4 Nonfinancial business 69.9 71.0 68.5 68.0 69.8 77.7 73.6 70.6 70.0 69.3 67.7 68.0 67.6 Pools of securitized assets 5 240.8 245.3 251.2 251.7 258.4 266.5 262.5 265.4 269.2 272.2 272.8 276.4 275.0 Major types of credit 6 Automobile 385.6 388.4 390.4 392.7 392.1 393.2 389.5 387.5 386.7 389.8 391.3 394.4 399.0 Commercial banks 153.9 154.5 153.1 154.8 154.8 154.0 153.0 151.8 150.5 150.9 151.2 149.0 151.5 Finance companies 88.0 87.2 88.7 88.0 87.6 86.7 86.8 87.1 85.8 83.2 85.1 87.0 88.8 Pools of securitized assets 5 47.8 48.8 49.5 49.2 49.3 52.4 49.5 48.2 49.3 53.5 51.5 53.7 52.8 Revolving 474.7 480.7 483.3 487.5 497.8 522.9 513.4 508.6 502.9 504.9 509.2 513.3 516.8 Commercial banks 207.3 209.8 211.2 215.0 217.9 228.6 223.2 215.8 207.3 209.0 212.8 215.3 219.6 Finance companies 30.0 29.2 29.4 29.6 29.9 32.5 32.3 32.2 33.2 34.3 34.4 34.0 33.1 Nonfinancial business 40.5 41.3 38.8 38.1 39.3 44.9 41.9 39.8 39.4 39.0 37.1 37.3 36.8 Pools of securitized assets 5 171.6 174.6 178.0 178.6 184.0 188.7 187.9 192.3 194.5 193.8 195.8 196.9 196.8 Other 297.3 302.6 303.5 299.9 300.4 298.8 301.6 301.0 304.4 308.5 307.2 305.3 302.3 Commercial banks 149.1 152.5 152.8 151.4 150.2 146.8 149.3 151.0 153.8 157.3 154.8 152.7 150.2 Finance companies 37.9 38.3 36.5 33.8 33.6 33.2 34.4 34.0 34.0 34.3 34.7 34.8 34.7 Nonfinancial business 29.4 29.7 29.7 29.8 30.5 32.8 31.7 30.8 30.5 30.4 30.7 30.8 30.8 Pools of securitized assets 5 21.4 21.8 23.7 23.9 25.1 25.4 25.1 24.9 25.3 24.9 25.5 25.8 25.4 --------------------------------------------------------------------------------------------------------------------------------------- 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.