G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 November 1997 January 8, 1998 Consumer credit outstanding fell at a 4 percent seasonally adjusted annual rate in November, following an 11-1/4 percent rate of increase in October. The November decline was the first since May 1993. All components of consumer credit declined in November. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________ _______________________________________________________________________________________ Nov. Dec. Jan. Feb. Mar. Apr. May June July r Aug. r Sept. r Oct. r Nov. p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 2.2 0.4 10.0 5.7 1.9 9.0 3.3 2.2 4.3 6.0 1.6 11.2 -4.1 Automobile -2.9 6.0 3.3 1.2 -3.6 11.9 2.7 7.1 10.3 -0.3 7.5 14.0 -3.8 Revolving 10.7 10.3 14.7 9.4 0.5 6.9 4.6 4.2 9.4 8.0 6.2 8.0 -4.1 Other 3 -5.2 -23.6 11.1 5.3 11.9 8.6 1.9 -7.9 -12.9 11.1 -14.5 13.0 -4.5 Amount: billions of dollars Total 1,179.5 1,179.9 1,189.7 1,195.4 1,197.3 1,206.2 1,209.5 1,211.7 1,216.1 1,222.2 1,223.8 1,235.2 1,231.0 Automobile 390.4 392.4 393.4 393.8 392.6 396.5 397.5 399.8 403.2 403.2 405.7 410.4 409.1 Revolving 495.0 499.2 505.3 509.3 509.5 512.4 514.3 516.2 520.2 523.7 526.4 529.9 528.1 Other 3 294.1 288.3 291.0 292.3 295.2 297.3 297.7 295.8 292.6 295.3 291.7 294.9 293.8 --------------------------------------------------------------------------------------------------------------------------------------- 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 9.03 n.a. n.a. 8.92 n.a. n.a. 9.20 n.a. n.a. 8.99 n.a. n.a. 8.96 24-mo. personal 13.62 n.a. n.a. 13.46 n.a. n.a. 13.81 n.a. n.a. 13.84 n.a. n.a. 14.50 Credit card plan All accounts 15.62 n.a. n.a. 15.88 n.a. n.a. 15.75 n.a. n.a. 15.78 n.a. n.a. 15.65 Accounts assessed interest 15.52 n.a. n.a. 15.13 n.a. n.a. 15.72 n.a. n.a. 15.79 n.a. n.a. 15.57 New car loans at auto finance companies Interest rates 10.31 8.60 7.17 7.44 8.08 8.56 7.80 7.64 6.71 5.93 6.12 7.27 n.a. Maturity (months) 52.3 52.3 55.1 54.6 53.5 52.8 53.2 53.3 54.6 55.5 55.4 54.4 n.a. Loan-to-value ratio 90 90 92 92 90 91 93 93 94 93 93 92 n.a. Amount financed (dollars) 17,719 17,670 17,090 16,837 17,198 17,620 18,060 18,171 18,281 18,329 18,520 18,779 n.a. --------------------------------------------------------------------------------------------------------------------------------------- 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 _______________ _______________________________________________________________________________________ Nov. Dec. Jan. Feb. Mar. Apr. May June July r Aug. r Sept. r Oct. r Nov. p --------------------------------------------------------------------------------------------------------------------------------------- Total 1,186.6 1,211.6 1,199.6 1,190.5 1,186.4 1,195.6 1,199.3 1,205.0 1,209.2 1,220.5 1,226.6 1,234.7 1,238.5 Major holders Commercial banks 520.0 526.8 521.4 512.9 504.3 510.3 511.6 510.7 514.5 516.2 507.5 507.3 508.6 Finance companies 151.0 152.4 153.5 153.3 153.8 152.7 154.9 156.7 156.4 157.2 158.4 156.6 156.4 Credit unions 143.3 144.1 144.2 143.4 143.9 145.6 146.7 147.6 149.0 149.8 150.7 151.5 151.6 Savings institutions 44.8 44.7 45.1 45.5 45.9 46.1 46.3 46.5 47.2 47.8 48.5 49.2 49.8 Nonfinancial business 69.8 77.7 73.6 70.6 70.0 69.3 67.7 68.0 67.6 68.6 68.5 68.4 70.3 Pools of securitized assets 5 257.8 265.8 261.8 264.8 268.5 271.6 272.1 275.6 274.6 281.0 293.0 301.7 301.8 Major types of credit 6 Automobile 394.5 395.6 391.8 389.8 388.9 391.9 393.8 399.6 403.7 405.7 409.3 414.9 413.3 Commercial banks 157.8 157.0 156.1 155.0 153.7 154.2 155.2 156.0 157.8 158.5 157.2 158.1 156.8 Finance companies 87.6 86.7 86.8 87.1 85.8 83.2 85.1 87.0 88.3 88.4 88.5 86.8 86.6 Pools of securitized assets 5 48.7 51.7 48.8 47.5 48.7 52.8 50.8 53.0 52.7 52.4 55.4 60.1 59.3 Revolving 497.8 522.9 513.5 508.6 503.8 505.8 509.6 511.4 515.1 520.8 524.3 526.6 531.2 Commercial banks 217.9 228.6 223.2 215.8 207.3 209.3 212.8 213.3 219.0 217.5 209.3 208.8 211.2 Finance companies 29.9 32.5 32.3 32.2 34.1 35.1 35.2 34.9 33.5 33.5 34.9 34.5 34.4 Nonfinancial business 39.3 44.9 41.9 39.8 39.4 39.0 37.1 37.3 36.8 37.6 37.7 37.5 38.9 Pools of securitized assets 5 184.0 188.7 187.9 192.3 194.5 193.8 195.8 196.8 196.5 202.4 212.4 215.7 216.4 Other 294.3 293.1 294.3 292.0 293.7 297.8 295.9 294.0 290.4 294.0 293.1 293.1 294.0 Commercial banks 144.2 141.1 142.1 142.2 143.3 146.8 143.6 141.4 137.7 140.2 141.0 140.4 140.5 Finance companies 33.6 33.2 34.4 34.0 34.0 34.3 34.7 34.8 34.7 35.2 35.0 35.4 35.4 Nonfinancial business 30.5 32.8 31.7 30.8 30.5 30.4 30.7 30.7 30.8 31.0 30.8 30.9 31.4 Pools of securitized assets 5 25.1 25.4 25.1 24.9 25.3 24.9 25.5 25.8 25.4 26.1 25.1 25.9 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.