G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 March 2005 May 6, 2005 In the first quarter, consumer credit rose at an annual rate of 4 1/4 percent. In March, consumer credit increased at an annual rate of 3 percent. Nonrevolving credit rose moderately while revolving credit was about unchanged. CONSUMER CREDIT OUTSTANDING 1,2 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 2004 2005 _______________________________ _______________________________ 2000 r 2001 r 2002 r 2003 r 2004 r Q1 r Q2 r Q3 r Q4 r Q1 p Jan r Feb r Mar p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 3,4 Total 10.7 8.0 4.4 4.7 4.5 5.6 2.7 5.8 3.7 4.3 6.5 3.3 3.1 Revolving 11.6 6.5 2.2 3.2 4.2 3.6 0.2 9.1 3.7 3.9 6.3 4.8 0.6 Nonrevolving 5 10.1 9.0 5.9 5.6 4.7 6.8 4.2 3.8 3.8 4.6 6.7 2.3 4.7 Amount: billions of dollars Total 1704.3 1841.1 1922.8 2013.3 2104.2 2041.5 2055.1 2084.7 2104.2 2127.0 2115.7 2121.4 2127.0 Revolving 676.9 721.2 736.9 760.7 792.7 767.6 768.0 785.4 792.7 800.5 796.9 800.1 800.5 Nonrevolving 5 1027.4 1119.9 1185.9 1252.6 1311.5 1273.9 1287.1 1299.3 1311.5 1326.5 1318.8 1321.4 1326.5 --------------------------------------------------------------------------------------------------------------------------------------- TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 6 Percent except as noted: not seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- Institution, terms, and type of loan --------------------------------------------------------------------------------------------------------------------------------------- Commercial banks Interest rates 48-mo. new car 9.34 8.50 7.62 6.93 6.60 6.72 6.43 6.55 6.71 6.86 n.a. 6.86 n.a. 24-mo. personal 13.90 13.22 12.54 11.95 11.89 11.88 11.80 12.02 11.84 12.01 n.a. 12.01 n.a. Credit card plan All accounts 15.78 14.87 13.40 12.30 12.71 12.66 12.68 13.01 12.50 12.21 n.a. 12.21 n.a. Accounts assessed interest 14.92 14.46 13.11 12.73 13.21 12.41 12.93 13.60 13.92 14.13 n.a. 14.13 n.a. New car loans at auto finance companies Interest rates 6.61 5.65 4.29 3.40 4.36 3.24 3.65 5.54 5.01 4.86 5.56 4.68 4.35 Maturity (months) 54.9 55.1 56.8 61.4 60.5 59.7 60.2 60.9 61.3 59.3 59.3 59.1 59.7 Loan-to-value ratio 92 91 94 95 89 94 92 85 84 86 83 89 88 Amount financed (dollars) 20,923 22,822 24,747 26,295 24,888 26,470 25,525 23,179 24,376 24,116 23,939 24,290 24,118 --------------------------------------------------------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------------------------------------------------------------- 2004 2005 _______________________________ _______________________________ 2000 r 2001 r 2002 r 2003 r 2004 r Q1 r Q2 r Q3 r Q4 r Q1 p Jan r Feb r Mar p --------------------------------------------------------------------------------------------------------------------------------------------- Total 1731.3 1870.7 1954.4 2046.9 2140.4 2030.0 2041.5 2085.8 2140.4 2114.8 2134.1 2122.7 2114.8 Major holders Total 1731.3 1870.7 1954.4 2046.9 2140.4 2030.0 2041.5 2085.8 2140.4 2114.8 2134.1 2122.7 2114.8 Commercial banks 554.0 571.8 606.4 661.0 697.4 649.7 652.7 668.8 697.4 675.9 686.5 682.3 675.9 Finance companies 220.5 238.1 237.8 295.4 365.6 307.4 324.7 352.7 365.6 359.2 358.9 361.1 359.2 Credit unions 184.4 189.6 195.7 205.9 215.4 207.1 211.7 214.5 215.4 215.1 214.8 214.1 215.1 Federal government and Sallie Mae 104.0 119.5 129.6 114.6 98.4 109.8 94.8 99.2 98.4 100.6 100.8 100.8 100.6 Savings institutions 64.8 71.1 68.7 77.9 91.3 81.4 88.1 89.2 91.3 92.9 91.8 92.3 92.9 Nonfinancial business 82.3 80.9 79.1 67.1 65.9 61.9 62.2 60.3 65.9 62.1 63.9 62.6 62.1 Pools of securitized assets 7 521.3 599.7 637.1 625.0 606.6 612.6 607.3 601.2 606.6 609.1 617.4 609.4 609.1 Major types of credit 8 Revolving 696.5 742.5 759.3 784.4 818.6 760.6 764.2 779.8 818.6 793.0 807.8 800.3 793.0 Commercial banks 230.6 238.3 250.2 284.7 315.8 268.3 275.6 286.7 315.8 294.6 302.1 299.5 294.6 Finance companies 37.6 31.5 38.9 37.6 43.3 37.6 39.9 45.5 43.3 43.5 43.5 45.3 43.5 Credit unions 22.2 22.3 22.2 22.4 23.2 21.6 21.6 22.2 23.2 22.5 22.9 22.6 22.5 Federal government and Sallie Mae n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Savings institutions 16.6 17.9 16.3 23.8 27.9 21.5 25.1 25.5 27.9 26.8 27.5 27.2 26.8 Nonfinancial business 42.0 42.7 41.4 23.2 19.2 20.4 20.6 18.3 19.2 18.3 18.8 18.5 18.3 Pools of securitized assets 7 347.4 389.7 390.3 392.7 389.1 391.2 381.4 381.7 389.1 387.4 393.0 387.2 387.4 Nonrevolving 1034.8 1128.2 1195.0 1262.5 1321.8 1269.4 1277.3 1306.0 1321.8 1321.8 1326.3 1322.4 1321.8 Commercial banks 323.4 333.5 356.2 376.4 381.6 381.4 377.1 382.1 381.6 381.3 384.4 382.8 381.3 Finance companies 182.9 206.6 198.8 257.8 322.3 269.8 284.8 307.2 322.3 315.8 315.4 315.8 315.8 Credit unions 162.2 167.3 173.5 183.5 192.1 185.5 190.1 192.3 192.1 192.6 191.9 191.5 192.6 Federal government and Sallie Mae 104.0 119.5 129.6 114.6 98.4 109.8 94.8 99.2 98.4 100.6 100.8 100.8 100.6 Savings institutions 48.2 53.2 52.4 54.0 63.4 60.0 63.0 63.7 63.4 66.1 64.3 65.1 66.1 Nonfinancial business 40.2 38.2 37.7 43.8 46.7 41.5 41.7 42.0 46.7 43.8 45.1 44.1 43.8 Pools of securitized assets 7 173.9 209.9 246.8 232.3 217.4 221.3 225.8 219.5 217.4 221.7 224.4 222.2 221.7 1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 2. Revolving nonfinancial business data have been revised back to 1997 to reflect new source data. Seasonally adjusted revolving credit has been revised from December 1997 forward as a result of new seasonal factors. 3. 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. 4. Percent changes are at a simple annual rate and are calculated from unrounded data. 5. Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 6. 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. 7. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 8. Includes estimates for holders that do not separately report consumer credit holding by type. r=revised. p=preliminary.