Beginning with the October release (of August data), the monthly G.19 consumer credit statistics incorporate student loans extended by 
the federal government and by SLM Holding Corporation (SLM), the parent company of Sallie Mae.  With this addition, the historical data 
on consumer credit has been revised back to 1977, which shifts the level of consumer credit about 3 percent on average between 1977:Q1 
and 2003:Q2.  The growth rate of consumer credit has increased an average of about 0.4 percentage point each year.  

The G.19 consumer credit release now includes a sector entitled "Federal government and Sallie Mae," which shows data for student loans 
extended directly by the federal government and student loans on Sallie Mae's balance sheet.  The release also adds the non-GSE portion 
of Sallie Mae's parent company, SLM, to the finance company sector and Sallie Mae's securitized loans to pools of securitized assets. 





G.19                                                        CONSUMER CREDIT                        For release at 3 p.m. (Eastern Time)
1                                                             August 2003                                               October 7, 2003
 

Consumer credit rose at an annual rate of 5-1/4 percent in August, up from a 3-3/4 rate in July.  In August, revolving credit rose 
modestly, while nonrevolving credit posted a more substantial gain.  Starting with this release, reported consumer credit includes 
student loans held by the federal government and Sallie Mae, with historical data revised back to 1977.
 

 

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted

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

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.
 

Statistical releases