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 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. Credit card plan 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.