G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time)
1 December 2002 February 7, 2003
Consumer credit increased at a rate of 3-1/4 percent in 2002, down from a 7 percent rate in 2001. In the fourth quarter, consumer
credit was about unchanged as a contraction in December consumer credit retraced gains of the previous two months.
CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
| 2001 | 2002 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1998 | 1999 | 2000 | 2001 | 2002 p | Q4 | Q1 | Q2 r | Q3 r | Q4 p | Oct r | Nov r | Dec p | |
| Percent change at annual rate 2,3 | |||||||||||||
| Total | 6.0 | 7.5 | 10.2 | 6.9 | 3.3 | 9.1 | 4.9 | 4.8 | 3.4 | -0.1 | 2.4 | -0.1 | -2.8 |
| Revolving | 5.9 | 6.3 | 11.5 | 5.0 | 1.6 | 0.9 | 2.0 | 4.9 | 2.8 | -3.2 | 1.6 | 2.8 | -14.0 |
| Nonrevolving 4 | 6.1 | 8.4 | 9.2 | 8.3 | 4.5 | 15.2 | 7.0 | 4.7 | 3.8 | 2.1 | 3.0 | -2.2 | 5.3 |
| Amount: billions of dollars | |||||||||||||
| Total | 1317.5 | 1416.3 | 1560.6 | 1667.9 | 1722.3 | 1667.9 | 1688.4 | 1708.4 | 1722.9 | 1722.3 | 1726.4 | 1726.3 | 1722.3 |
| Revolving | 562.5 | 597.7 | 666.6 | 699.9 | 711.2 | 699.9 | 703.4 | 711.9 | 716.9 | 711.2 | 717.9 | 719.6 | 711.2 |
| Nonrevolving 4 | 755.0 | 818.6 | 894.0 | 968.1 | 1011.1 | 968.1 | 985.0 | 996.5 | 1006.0 | 1011.1 | 1008.5 | 1006.7 | 1011.1 |
| 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 | 8.72 | 8.44 | 9.34 | 8.50 | 6.71 | 7.86 | 7.50 | 7.74 | 5.95 | 5.67 | n.a. | 5.67 | n.a. |
| 24-mo. personal Credit card plan |
13.74 | 13.39 | 13.90 | 13.22 | 11.59 | 12.62 | 11.72 | 12.57 | 11.28 | 10.78 | n.a. | 10.78 | n.a. |
| All accounts | 15.71 | 15.21 | 15.71 | 14.89 | 13.42 | 14.22 | 13.65 | 13.55 | 13.37 | 13.13 | n.a. | 13.13 | n.a. |
| Accounts assessed interest | 15.59 | 14.81 | 14.91 | 14.44 | 13.09 | 13.88 | 12.98 | 13.34 | 13.26 | 12.78 | n.a. | 12.78 | n.a. |
| New car loans at auto finance companies | |||||||||||||
| Interest rates | 6.30 | 6.66 | 6.61 | 5.65 | 4.29 | 2.97 | 5.32 | 5.97 | 2.68 | 3.20 | 2.79 | 3.31 | 3.50 |
| Maturity (months) | 52.1 | 52.7 | 54.9 | 55.1 | 56.8 | 51.1 | 53.9 | 57.3 | 58.9 | 57.3 | 57.2 | 57.2 | 57.5 |
| Loan-to-value ratio | 92 | 92 | 92 | 91 | 93 | 92 | 90 | 92 | 96 | 96 | 96 | 95 | 96 |
| Amount financed (dollars) | 19,083 | 19,880 | 20,923 | 22,822 | 24,772 | 24,729 | 23,314 | 23,432 | 25,959 | 26,382 | 26,232 | 26,266 | 26,647 |
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
| 2001 | 2002 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1998 | 1999 | 2000 | 2001 | 2002 p | Q4 | Q1 | Q2 r | Q3 r | Q4 p | Oct r | Nov r | Dec p | |
| Total | 1346.6 | 1446.1 | 1593.1 | 1701.9 | 1756.8 | 1701.9 | 1677.2 | 1701.3 | 1721.1 | 1756.8 | 1726.3 | 1734.4 | 1756.8 |
| Major holders | |||||||||||||
| Total | 1346.6 | 1446.1 | 1593.1 | 1701.9 | 1756.8 | 1701.9 | 1677.2 | 1701.3 | 1721.1 | 1756.8 | 1726.3 | 1734.4 | 1756.8 |
| Commercial banks | 508.9 | 499.8 | 541.5 | 558.4 | 591.8 | 558.4 | 550.7 | 554.9 | 575.7 | 591.8 | 578.6 | 582.8 | 591.8 |
| Finance companies | 183.3 | 201.5 | 219.8 | 236.6 | 230.9 | 236.6 | 232.3 | 235.6 | 246.1 | 230.9 | 238.6 | 227.8 | 230.9 |
| Credit unions | 155.4 | 167.9 | 184.4 | 189.6 | 196.6 | 189.6 | 187.7 | 191.6 | 196.1 | 196.6 | 197.2 | 197.0 | 196.6 |
| Savings institutions | 51.6 | 61.5 | 64.6 | 69.1 | 65.2 | 69.1 | 68.6 | 68.5 | 65.2 | 65.2 | 65.2 | 65.2 | 65.2 |
| Nonfinancial business | 74.9 | 80.3 | 82.7 | 68.0 | 57.0 | 68.0 | 58.1 | 53.0 | 49.2 | 57.0 | 49.1 | 49.9 | 57.0 |
| Pools of securitized assets 6 | 372.4 | 435.1 | 500.1 | 580.3 | 615.2 | 580.3 | 579.8 | 597.7 | 588.8 | 615.2 | 597.6 | 611.6 | 615.2 |
| Major types of credit 7 | |||||||||||||
| Revolving | 586.2 | 621.9 | 693.0 | 727.3 | 738.9 | 727.3 | 697.2 | 709.3 | 711.7 | 738.9 | 711.4 | 719.1 | 738.9 |
| Commercial banks | 210.3 | 189.4 | 218.1 | 224.9 | 234.8 | 224.9 | 216.1 | 215.8 | 226.2 | 234.8 | 226.0 | 228.5 | 234.8 |
| Finance companies | 31.9 | 32.5 | 37.6 | 31.5 | 37.4 | 31.5 | 28.0 | 32.1 | 37.3 | 37.4 | 37.4 | 37.1 | 37.4 |
| Credit unions | 19.9 | 20.6 | 22.2 | 22.3 | 22.4 | 22.3 | 20.8 | 21.0 | 21.4 | 22.4 | 21.2 | 21.4 | 22.4 |
| Savings institutions | 12.5 | 15.8 | 16.6 | 17.8 | 14.7 | 17.8 | 17.0 | 17.8 | 14.7 | 14.7 | 14.7 | 14.7 | 14.7 |
| Nonfinancial business | 39.2 | 42.8 | 42.4 | 29.8 | 19.2 | 29.8 | 22.4 | 17.9 | 14.1 | 19.2 | 14.1 | 14.3 | 19.2 |
| Pools of securitized assets 6 | 272.3 | 320.8 | 356.1 | 401.1 | 410.4 | 401.1 | 392.9 | 404.7 | 398.0 | 410.4 | 398.0 | 403.1 | 410.4 |
| Nonrevolving | 760.4 | 824.2 | 900.1 | 974.6 | 1017.9 | 974.6 | 980.0 | 992.0 | 1009.4 | 1017.9 | 1014.9 | 1015.3 | 1017.9 |
| Commercial banks | 298.6 | 310.4 | 323.4 | 333.5 | 357.0 | 333.5 | 334.6 | 339.1 | 349.5 | 357.0 | 352.5 | 354.3 | 357.0 |
| Finance companies | 151.4 | 169.1 | 182.2 | 205.0 | 193.6 | 205.0 | 204.3 | 203.5 | 208.8 | 193.6 | 201.2 | 190.8 | 193.6 |
| Credit unions | 135.5 | 147.3 | 162.2 | 167.3 | 174.2 | 167.3 | 166.9 | 170.6 | 174.7 | 174.2 | 176.0 | 175.6 | 174.2 |
| Savings institutions | 39.2 | 45.7 | 48.0 | 51.3 | 50.5 | 51.3 | 51.6 | 50.7 | 50.5 | 50.5 | 50.5 | 50.5 | 50.5 |
| Nonfinancial business | 35.7 | 37.5 | 40.2 | 38.2 | 37.8 | 38.2 | 35.7 | 35.2 | 35.0 | 37.8 | 35.0 | 35.6 | 37.8 |
| Pools of securitized assets 6 | 100.1 | 114.2 | 144.0 | 179.2 | 204.8 | 179.2 | 186.9 | 192.9 | 190.8 | 204.8 | 199.6 | 208.4 | 204.8 |
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.