G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 October 1999 December 7, 1999 Outstanding consumer credit grew at a 3-3/4 percent annual rate in October. Nonrevolving credit accelerated in October, while revolving credit edged down. September consumer credit growth was revised down from 5-1/4 percent to 3 percent after data were received from bank call reports. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1998 1999 _______________ _______________________________________________ 1994 1995 1996 1997 1998 Q3 Q4 Q1 Q2 Q3 Aug Sep Oct p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 14.5 14.1 7.9 4.4 5.4 6.2 5.3 9.9 4.5 5.6 6.0 3.1 3.7 Revolving 18.0 21.2 12.7 6.4 5.5 4.9 6.3 4.6 8.1 4.2 2.5 0.1 -0.6 Nonrevolving 3 12.5 9.7 4.6 2.9 5.3 7.2 4.6 14.0 1.9 6.6 8.6 5.3 6.9 Amount: billions of dollars Total 960.7 1096.0 1182.4 1234.1 1300.5 1283.3 1300.5 1332.8 1347.8 1366.7 1363.2 1366.7 1370.9 Revolving 365.6 443.2 499.5 531.3 560.7 551.9 560.7 567.1 578.5 584.6 584.5 584.6 584.3 Nonrevolving 3 595.1 652.8 682.9 702.8 739.8 731.4 739.8 765.7 769.3 782.1 778.7 782.1 786.6 --------------------------------------------------------------------------------------------------------------------------------------- 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 8.12 9.57 9.05 9.02 8.72 8.71 8.62 8.34 8.30 8.44 8.44 n.a. n.a. 24-mo. personal 13.19 13.94 13.54 13.90 13.74 13.45 13.75 13.41 13.26 13.38 13.38 n.a. n.a. Credit card plan All accounts 15.69 15.90 15.63 15.77 15.71 15.83 15.69 15.41 15.21 15.08 15.08 n.a. n.a. Accounts assessed interest 15.77 15.64 15.50 15.57 15.59 15.85 15.54 14.73 14.94 14.79 14.79 n.a. n.a. New car loans at auto finance companies Interest Rates 9.79 11.19 9.84 7.12 6.30 6.05 6.52 6.32 6.56 6.48 6.28 6.47 7.07 Maturity (months) 54.0 54.1 51.6 54.1 52.1 52.6 52.7 52.8 52.5 51.9 51.7 52.1 53.2 Loan-to-Value Ratio 92 92 91 92 92 93 92 92 92 92 92 92 92 Amount financed (dollars) 15,375 16,210 16,987 18,077 19,083 19,060 19,507 19,424 19,565 20,013 20,012 20,154 20,335 --------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------- 1998 1999 _______________ _______________________________________________ 1994 1995 1996 1997 1998 Q3 Q4 Q1 Q2 Q3 Aug Sep Oct p ----------------------------------------------------------------------------------------------------------------------------------------- Total 983.9 1122.8 1211.6 1264.1 1331.7 1286.6 1331.7 1319.3 1340.4 1370.2 1364.4 1370.2 1376.0 Major holders Total 983.9 1122.8 1211.6 1264.1 1331.7 1286.6 1331.7 1319.3 1340.4 1370.2 1364.4 1370.2 1376.0 Commercial banks 458.8 502.0 526.8 512.6 508.9 497.9 508.9 494.0 477.8 472.5 476.6 472.5 472.2 Finance companies 134.4 152.1 152.4 160.0 168.5 159.1 168.5 167.8 173.6 173.0 177.3 173.0 174.2 Credit unions 119.6 131.9 144.1 152.4 155.4 154.3 155.4 155.8 158.2 164.1 162.4 164.1 165.9 Savings institutions 38.5 40.1 44.7 47.2 51.6 50.3 51.6 53.6 57.2 60.1 59.1 60.1 61.0 Nonfinancial business 86.6 85.1 77.7 78.9 74.9 65.5 74.9 67.1 68.0 67.6 68.9 67.6 68.1 Pools of securitized assets 5 146.1 211.6 265.8 313.1 372.4 359.4 372.4 380.9 405.6 433.0 420.1 433.0 434.5 Major types of credit 6 Revolving 383.2 464.1 522.9 555.9 586.5 549.0 586.5 561.4 572.5 581.4 580.7 581.4 583.1 Commercial banks 182.0 210.3 228.6 219.8 210.3 197.6 210.3 190.0 178.0 168.9 170.3 168.9 167.3 Finance companies 25.9 28.5 32.5 38.6 32.3 28.4 32.3 31.2 32.4 30.7 33.0 30.7 31.5 Credit unions 13.2 15.5 17.8 19.6 19.9 18.8 19.9 18.7 18.9 19.5 19.3 19.5 19.5 Savings institutions 9.2 8.4 10.3 11.4 12.5 11.1 12.5 12.4 12.8 13.5 13.2 13.5 13.7 Nonfinancial business 56.8 53.5 44.9 45.0 39.2 33.7 39.2 33.8 34.6 34.2 35.4 34.2 34.7 Pools of securitized assets 5 96.1 147.9 188.7 221.5 272.3 259.3 272.3 275.3 295.8 314.6 309.4 314.6 316.5 Nonrevolving 600.7 658.7 688.7 708.2 745.2 737.6 745.2 757.9 768.0 788.7 783.7 788.7 792.9 Commercial banks 276.8 291.7 298.2 292.7 298.6 300.3 298.6 304.0 299.7 303.6 306.3 303.6 304.9 Finance companies 108.5 123.7 119.9 121.4 136.2 130.8 136.2 136.6 141.2 142.2 144.3 142.2 142.7 Credit unions 106.4 116.5 126.3 132.8 135.5 135.6 135.5 137.0 139.3 144.6 143.1 144.6 146.5 Savings institutions 29.3 31.7 34.4 35.7 39.2 39.2 39.2 41.3 44.4 46.6 45.9 46.6 47.3 Nonfinancial business 29.8 31.5 32.8 34.0 35.7 31.8 35.7 33.4 33.4 33.3 33.5 33.3 33.5 Pools of securitized assets 5 49.9 63.7 77.1 91.6 100.1 100.0 100.1 105.6 109.9 118.4 110.7 118.4 118.0 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 automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, 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.