G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 December 1997 February 6, 1998 Consumer credit outstanding increased at a 3.9 percent seasonally adjusted annual rate in December, after a drop in November. In December, auto credit rebounded; revolving credit outstanding was about unchanged after falling in November, and "other" credit continued to run off. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______ _______________________________________________________________________________________________ Dec. Jan. Feb. Mar. Apr. May June July Aug. r Sept. r Oct. r Nov. r Dec. p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 0.4 10.0 5.7 1.9 9.0 3.3 2.2 4.3 6.1 1.6 11.4 -3.6 3.9 Automobile 6.0 3.3 1.2 -3.6 11.9 2.7 7.1 10.3 -0.3 7.5 13.9 -3.8 16.3 Revolving 10.3 14.7 9.4 0.5 6.9 4.6 4.2 9.4 8.0 6.2 8.7 -3.4 0.4 Other 3 -23.6 11.1 5.3 11.9 8.6 1.9 -7.9 -12.9 11.4 -14.3 12.9 -3.6 -7.1 Amount: billions of dollars Total 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 1,223.9 1,235.5 1,231.9 1,235.8 Automobile 392.4 393.4 393.8 392.6 396.5 397.5 399.8 403.2 403.2 405.7 410.4 409.1 414.6 Revolving 499.2 505.3 509.3 509.5 512.4 514.3 516.2 520.2 523.7 526.4 530.2 528.7 528.9 Other 3 288.3 291.0 292.3 295.2 297.3 297.7 295.8 292.6 295.4 291.9 295.0 294.1 292.4 --------------------------------------------------------------------------------------------------------------------------------------- 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. n.a. 8.92 n.a. n.a. 9.20 n.a. n.a. 8.99 n.a. n.a. 8.96 n.a. 24-mo. personal n.a. n.a. 13.46 n.a. n.a. 13.81 n.a. n.a. 13.84 n.a. n.a. 14.50 n.a. Credit card plan All accounts n.a. n.a. 15.88 n.a. n.a. 15.75 n.a. n.a. 15.78 n.a. n.a. 15.65 n.a. Accounts assessed interest n.a. n.a. 15.13 n.a. n.a. 15.72 n.a. n.a. 15.79 n.a. n.a. 15.57 n.a. New car loans at auto finance companies Interest rates 8.60 7.17 7.44 8.08 8.56 7.80 7.64 6.71 5.93 6.12 7.27 6.85 5.93 Maturity (months) 52.3 55.1 54.6 53.5 52.8 53.2 53.3 54.6 55.5 55.4 54.4 53.7 53.5 Loan-to-value ratio 90 92 92 90 91 93 93 94 93 93 92 91 92 Amount financed (dollars) 17,670 17,090 16,837 17,198 17,620 18,060 18,171 18,281 18,329 18,520 18,779 18,923 19,121 --------------------------------------------------------------------------------------------------------------------------------------- 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 _______ _______________________________________________________________________________________________ Dec. Jan. Feb. Mar. Apr. May June July Aug. r Sept. r Oct. r Nov. r Dec. p --------------------------------------------------------------------------------------------------------------------------------------- Total 1,211.6 1,199.6 1,190.5 1,186.4 1,195.6 1,199.3 1,205.0 1,209.2 1,220.6 1,226.8 1,235.0 1,239.4 1,269.3 Major holders Commercial banks 526.8 521.4 512.9 504.3 510.3 511.6 510.7 514.5 516.2 507.5 507.3 508.6 514.9 Finance companies 152.4 153.5 153.3 153.8 152.7 154.9 156.7 156.4 157.2 158.4 156.9 156.5 160.1 Credit unions 144.1 144.2 143.4 143.9 145.6 146.7 147.6 149.0 149.8 150.7 151.5 151.8 153.7 Savings institutions 44.7 45.1 45.5 45.9 46.1 46.3 46.5 47.2 47.8 48.5 49.2 49.8 50.5 Nonfinancial business 77.7 73.6 70.6 70.0 69.3 67.7 68.0 67.6 68.6 68.7 68.5 70.4 78.9 Pools of securitized assets 5 265.8 261.8 264.8 268.5 271.6 272.1 275.6 274.6 281.0 293.0 301.6 302.3 311.2 Major types of credit 6 Automobile 395.6 391.8 389.8 388.9 391.9 393.8 399.6 403.7 405.7 409.3 414.9 413.3 418.1 Commercial banks 157.0 156.1 155.0 153.7 154.2 155.2 156.0 157.8 158.5 157.2 158.1 156.8 155.3 Finance companies 86.7 86.8 87.1 85.8 83.2 85.1 87.0 88.3 88.4 88.5 86.8 86.0 87.0 Pools of securitized assets 5 51.7 48.8 47.5 48.7 52.8 50.8 53.0 52.7 52.4 55.4 60.1 59.8 64.4 Revolving 522.9 513.5 508.6 503.8 505.8 509.6 511.4 515.1 520.8 524.3 526.9 531.8 553.8 Commercial banks 228.6 223.2 215.8 207.3 209.3 212.8 213.3 219.0 217.5 209.3 208.8 211.2 217.5 Finance companies 32.5 32.3 32.2 34.1 35.1 35.2 34.9 33.5 33.5 34.9 34.8 34.9 38.7 Nonfinancial business 44.9 41.9 39.8 39.4 39.0 37.1 37.3 36.8 37.6 37.7 37.5 38.9 45.0 Pools of securitized assets 5 188.7 187.9 192.3 194.5 193.8 195.8 196.8 196.5 202.4 212.4 215.7 216.4 221.0 Other 293.1 294.3 292.0 293.7 297.8 295.9 294.0 290.4 294.1 293.2 293.2 294.4 297.3 Commercial banks 141.1 142.1 142.2 143.3 146.8 143.6 141.4 137.7 140.2 141.0 140.4 140.6 142.1 Finance companies 33.2 34.4 34.0 34.0 34.3 34.7 34.8 34.7 35.2 35.0 35.3 35.5 34.4 Nonfinancial business 32.8 31.7 30.8 30.5 30.4 30.7 30.7 30.8 31.1 31.0 31.1 31.6 33.9 Pools of securitized assets 5 25.4 25.1 24.9 25.3 24.9 25.5 25.8 25.4 26.1 25.1 25.9 26.1 25.8 --------------------------------------------------------------------------------------------------------------------------------------- 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.