G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 February 2002 April 5, 2002 Consumer credit increased at an annual rate of 5 percent in February, the same pace seen in January. In February, nonrevolving credit continued to expand briskly, while revolving credit posted a modest gain. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 2000 2001 2002 _______ _______________________________________ _______________ 1997 1998 1999 2000 2001 Q4 Q1 Q2 Q3 Q4 Dec r Jan r Feb p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2,3 Total 4.9 6.0 7.5 10.2 6.1 10.5 9.2 4.7 1.4 8.5 1.3 5.1 5.1 Revolving 6.4 5.9 6.3 11.5 3.9 11.1 13.0 4.8 -3.1 0.7 -9.7 2.4 1.2 Nonrevolving 4 3.8 6.1 8.4 9.2 7.7 10.1 6.3 4.6 4.9 14.3 9.4 7.0 7.9 Amount: billions of dollars Total 1243.0 1317.5 1416.3 1560.6 1655.3 1560.6 1596.3 1614.9 1620.8 1655.3 1655.3 1662.3 1669.4 Revolving 531.0 562.5 597.7 666.5 692.4 666.5 688.2 696.5 691.1 692.4 692.4 693.8 694.4 Nonrevolving 4 712.0 755.0 818.6 894.0 962.9 894.0 908.1 918.5 929.6 962.9 962.9 968.6 974.9 --------------------------------------------------------------------------------------------------------------------------------------- TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5 Percent except as noted: not seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- Institution, terms, and type of loan --------------------------------------------------------------------------------------------------------------------------------------- Commercial banks Interest rates 48-mo. new car 9.02 8.72 8.44 9.34 8.50 9.63 9.17 8.67 8.31 7.86 n.a. n.a. 7.50 24-mo. personal 13.90 13.74 13.39 13.90 13.22 14.12 13.71 13.28 13.25 12.62 n.a. n.a. 11.72 Credit card plan All accounts 15.77 15.71 15.21 15.71 14.89 15.99 15.66 15.07 14.60 14.22 n.a. n.a. 13.65 Accounts assessed interest 15.57 15.59 14.81 14.91 14.44 15.23 14.61 14.63 14.64 13.88 n.a. n.a. 12.98 New car loans at auto finance companies Interest rates 7.12 6.30 6.66 6.61 5.65 5.87 7.09 6.50 6.01 2.97 3.31 4.02 6.07 Maturity (months) 54.1 52.1 52.7 54.9 55.1 56.7 55.1 56.8 57.4 51.1 48.6 48.8 56.4 Loan-to-value ratio 92 92 92 92 91 92 90 91 92 92 91 90 89 Amount financed (dollars) 18,077 19,083 19,880 20,923 22,822 22,126 21,813 21,969 22,775 24,729 24,812 24,137 22,741 --------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------- 2000 2001 2002 _______ _______________________________________ _______________ 1997 1998 1999 2000 2001 Q4 Q1 Q2 Q3 Q4 Dec Jan r Feb p ----------------------------------------------------------------------------------------------------------------------------------------- Total 1271.6 1346.6 1446.1 1593.1 1688.9 1593.1 1585.3 1608.1 1619.1 1688.9 1688.9 1675.4 1666.6 Major holders Total 1271.6 1346.6 1446.1 1593.1 1688.9 1593.1 1585.3 1608.1 1619.1 1688.9 1688.9 1675.4 1666.6 Commercial banks 512.6 508.9 499.8 541.5 557.1 541.5 533.7 540.2 535.3 557.1 557.1 556.7 550.8 Finance companies 167.5 183.3 201.5 219.8 236.5 219.8 212.8 214.3 220.9 236.5 236.5 230.2 233.4 Credit unions 152.4 155.4 167.9 184.4 186.3 184.4 182.8 186.4 185.7 186.3 186.3 184.8 183.3 Savings institutions 47.2 51.6 61.5 64.6 68.0 64.6 65.5 65.3 68.5 68.0 68.0 68.7 69.4 Nonfinancial business 78.9 74.9 80.3 82.7 67.9 82.7 71.4 68.0 60.2 67.9 67.9 63.1 59.0 Pools of securitized assets 6 313.1 372.4 435.1 500.1 573.0 500.1 519.2 533.9 548.5 573.0 573.0 571.8 570.7 Major types of credit 7 Revolving 554.2 586.2 621.9 693.0 719.5 693.0 682.0 693.7 686.2 719.5 719.5 705.2 695.3 Commercial banks 219.8 210.3 189.4 218.1 224.5 218.1 209.5 213.0 202.9 224.5 224.5 218.1 215.9 Finance companies 37.0 31.9 32.5 37.6 31.5 37.6 34.9 36.8 35.9 31.5 31.5 29.9 29.2 Credit unions 19.6 19.9 20.6 22.2 22.8 22.2 20.9 21.3 21.9 22.8 22.8 22.1 21.7 Savings institutions 11.4 12.5 15.8 16.6 17.0 16.6 17.0 16.4 16.9 17.0 17.0 17.0 17.0 Nonfinancial business 45.0 39.2 42.8 42.4 29.8 42.4 33.9 31.4 25.2 29.8 29.8 26.3 23.0 Pools of securitized assets 6 221.5 272.3 320.8 356.1 394.0 356.1 365.8 374.8 383.3 394.0 394.0 391.8 388.6 Nonrevolving 717.4 760.4 824.2 900.1 969.4 900.1 903.3 914.4 932.9 969.4 969.4 970.2 971.3 Commercial banks 292.7 298.6 310.4 323.4 332.6 323.4 324.2 327.2 332.3 332.6 332.6 338.6 334.9 Finance companies 130.5 151.4 169.1 182.2 205.0 182.2 177.8 177.4 185.0 205.0 205.0 200.2 204.2 Credit unions 132.8 135.5 147.3 162.2 163.5 162.2 161.9 165.1 163.9 163.5 163.5 162.8 161.6 Savings institutions 35.7 39.2 45.7 48.0 51.0 48.0 48.5 49.0 51.6 51.0 51.0 51.8 52.5 Nonfinancial business 34.0 35.7 37.5 40.2 38.1 40.2 37.5 36.6 35.0 38.1 38.1 36.9 36.0 Pools of securitized assets 6 91.6 100.1 114.2 144.0 179.0 144.0 153.4 159.1 165.2 179.0 179.0 179.9 182.1 1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 2. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data. Growth rates are adjusted to exclude the effect of such breaks. 3. Percent changes calculated from unrounded data. 4. 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. 5. 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. 6. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 7. Includes estimates for holders that do not separately report consumer credit holding by type. r=revised. p=preliminary.