G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 August 1997 October 7, 1997 Consumer credit outstanding grew at a 4.2 percent seasonally adjusted annual rate in August, following a 5.9 percent gain in July. The level of auto credit declined for the first time since March, while revolving credit expanded at a more moderate pace than in July. "Other" credit rose in August, following two months of decline. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________________________ _______________________________________________________________ Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June r July r Aug. p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 7.3 2.4 5.8 4.3 0.2 11.0 8.0 2.7 9.6 2.7 0.6 5.9 4.2 Automobile 1.5 2.2 4.9 -0.1 5.6 1.0 0.5 -1.1 11.7 2.4 11.4 5.6 -1.7 Revolving 7.3 5.6 13.5 13.3 5.5 17.7 12.6 -2.7 6.8 4.1 0.4 15.1 7.1 Other 3 14.6 -2.6 -5.4 -4.9 -15.4 13.0 9.9 16.7 11.4 0.7 -13.1 -9.3 7.3 Amount: billions of dollars Total 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 1,218.4 1,224.4 1,228.7 Automobile 386.2 386.9 388.5 388.5 390.3 390.6 390.8 390.4 394.3 395.0 398.8 400.7 400.1 Revolving 482.5 484.8 490.3 495.7 498.0 505.3 510.6 509.5 512.4 514.1 514.3 520.8 523.8 Other 3 302.8 302.2 300.8 299.6 295.7 298.9 301.4 305.6 308.5 308.7 305.3 303.0 304.8 --------------------------------------------------------------------------------------------------------------------------------------- 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 9.11 n.a. n.a. 9.03 n.a. n.a. 8.92 n.a. n.a. 9.20 n.a. n.a. 8.99 24-mo. personal 13.37 n.a. n.a. 13.62 n.a. n.a. 13.46 n.a. n.a. 13.81 n.a. n.a. 13.84 Credit card plan All accounts 15.65 n.a. n.a. 15.62 n.a. n.a. 15.88 n.a. n.a. 15.75 n.a. n.a. 15.78 Accounts assessed interest 15.64 n.a. n.a. 15.52 n.a. n.a. 15.13 n.a. n.a. 15.72 n.a. n.a. 15.79 New car loans at auto finance companies Interest rates 10.49 10.52 10.40 10.31 8.60 7.17 7.44 8.08 8.56 7.80 7.64 6.71 5.93 Maturity (months) 51.4 51.9 52.5 52.3 52.3 55.1 54.6 53.5 52.8 53.2 53.3 54.6 55.5 Loan-to-value ratio 92 91 89 90 90 92 92 90 91 93 93 94 93 Amount financed (dollars) 16,927 17,182 17,435 17,719 17,670 17,090 16,837 17,198 17,620 18,060 18,171 18,281 18,329 --------------------------------------------------------------------------------------------------------------------------------------- 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 _______________________________________ _______________________________________________________________ Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June r July r Aug. p --------------------------------------------------------------------------------------------------------------------------------------- Total 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 1,212.8 1,217.4 1,229.0 Major holders Commercial banks 516.7 517.1 521.3 523.0 529.4 525.5 518.6 511.5 517.3 518.8 517.1 521.4 523.0 Finance companies 154.7 154.6 151.4 151.0 152.4 153.5 153.3 153.0 151.9 154.2 155.8 156.1 157.5 Credit unions 140.0 140.9 143.0 143.3 144.1 144.4 143.8 144.4 146.3 147.6 148.7 150.0 151.3 Savings institutions 44.0 44.9 44.9 44.8 44.7 45.1 45.5 45.9 46.2 46.6 47.0 47.4 47.4 Nonfinancial business 71.0 68.5 68.0 69.8 77.7 73.6 70.6 70.0 69.3 67.7 68.0 67.6 68.6 Pools of securitized assets 5 245.3 251.2 251.7 258.4 266.5 262.5 265.4 269.2 272.2 272.8 276.2 274.9 281.3 Major types of credit 6 Automobile 388.4 390.4 392.7 392.1 393.2 389.5 387.5 386.7 389.8 391.9 397.9 400.8 402.4 Commercial banks 154.5 153.1 154.8 154.8 154.0 153.0 151.8 150.5 150.9 151.8 152.5 154.3 155.0 Finance companies 87.2 88.7 88.0 87.6 86.7 86.8 87.1 85.8 83.2 85.1 87.0 88.3 88.4 Pools of securitized assets 5 48.8 49.5 49.2 49.3 52.4 49.5 48.2 49.3 53.5 51.5 53.7 52.8 52.6 Revolving 480.7 483.3 487.5 497.8 522.9 513.4 508.6 502.9 504.9 509.2 511.1 515.6 522.0 Commercial banks 209.8 211.2 215.0 217.9 228.6 223.2 215.8 207.3 209.0 212.8 213.3 219.0 217.5 Finance companies 29.2 29.4 29.6 29.9 32.5 32.3 32.2 33.2 34.3 34.4 34.0 33.1 33.6 Nonfinancial business 41.3 38.8 38.1 39.3 44.9 41.9 39.8 39.4 39.0 37.1 37.3 36.8 37.6 Pools of securitized assets 5 174.6 178.0 178.6 184.0 188.7 187.9 192.3 194.5 193.8 195.8 196.7 196.6 202.5 Other 302.6 303.5 299.9 300.4 298.8 301.6 301.0 304.4 308.5 306.6 303.8 301.0 304.6 Commercial banks 152.5 152.8 151.4 150.2 146.8 149.3 151.0 153.8 157.3 154.1 151.2 148.1 150.6 Finance companies 38.3 36.5 33.8 33.6 33.2 34.4 34.0 34.0 34.3 34.7 34.8 34.7 35.4 Nonfinancial business 29.7 29.7 29.8 30.5 32.8 31.7 30.8 30.5 30.4 30.7 30.7 30.8 31.0 Pools of securitized assets 5 21.8 23.7 23.9 25.1 25.4 25.1 24.9 25.3 24.9 25.5 25.8 25.4 26.1 --------------------------------------------------------------------------------------------------------------------------------------- 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.