Federal Reserve Statistical Release, G.19, Consumer Credit; title with eagle logo links to Statistical Release home page

Release Date: January 7, 2005
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G.19                                                        CONSUMER CREDIT                        For release at 3 p.m. (Eastern Time)
1                                                            November 2004                                              January 7, 2005

In November, consumer credit contracted at an annual rate of 5 percent. Revolving credit fell at an annual rate of 11 percent, while
nonrevolving credit edged down at a 1 percent pace.

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
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                                                                             2003                            2004
                                                                        _______________ _______________________________________________

                                 1999    2000    2001    2002    2003     Q3      Q4      Q1     Q2 r    Q3 r    Sep r   Oct r   Nov p
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Percent change at annual rate 2,3
  Total                            8.0    10.7     8.0     4.5     4.5     5.5     2.2     6.3     1.9     6.2     9.9     5.5    -5.0
   Revolving                       4.9    11.6     6.6     2.2     2.8     3.1     1.9     5.4    -1.9    10.4    17.8     3.7   -11.0
   Nonrevolving 4                 10.1    10.1     9.0     5.9     5.6     6.9     2.4     6.9     4.2     3.7     5.1     6.6    -1.3

Amount: billions of dollars
  Total                         1530.4  1705.1  1842.2  1924.2  2011.3  2000.1  2011.3  2043.0  2052.6  2084.5  2084.5  2094.1  2085.4
   Revolving                     607.6   677.7   722.3   738.3   758.7   755.1   758.7   768.9   765.2   785.1   785.1   787.5   780.3
   Nonrevolving 4                922.8  1027.4  1119.9  1185.9  1252.6  1245.0  1252.6  1274.1  1287.4  1299.4  1299.4  1306.6  1305.1
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TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 6
Percent except as noted: not seasonally adjusted
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Institution, terms, and type of loan
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Commercial banks
     Interest rates
   48-mo. new car                 8.44    9.34    8.50    7.62    6.93    6.75    6.82    6.72    6.43    6.55     n.a.    n.a.   6.71
   24-mo. personal               13.39   13.90   13.22   12.54   11.95   11.95   11.97   11.88   11.80   12.02     n.a.    n.a.  11.84
        Credit card plan 5
    All accounts                 15.19   15.78   14.87   13.40   12.30   12.47   12.34   12.66   12.68   13.01     n.a.    n.a.  12.50
    Accounts assessed interest   14.81   14.92   14.46   13.11   12.73   13.13   12.93   12.41   12.93   13.60     n.a.    n.a.  13.92

New car loans at auto finance companies
  Interest rates                  6.66    6.61    5.65    4.29    3.40    3.55    3.80    3.24    3.65    5.54    5.74    4.42    5.64
  Maturity (months)               52.7    54.9    55.1    56.8    61.4    63.0    62.5    59.7    60.2    60.9    60.9    63.4    60.5
  Loan-to-value ratio               92      92      91      94      95      94      94      94      92      85      81      85      83
  Amount financed (dollars)     19,880  20,923  22,822  24,747  26,295  25,733  26,493  26,470  25,525  23,179  22,765  24,711  23,984

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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

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                                                                                   2003                            2004
                                                                              _______________ _______________________________________________

                                       1999    2000    2001    2002    2003     Q3      Q4      Q1     Q2 r    Q3 r    Sep r   Oct r   Nov p
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Total                                 1560.6  1739.1  1878.6  1961.8  2050.1  2001.9  2050.1  2030.5  2042.2  2086.3  2086.3  2098.7  2097.1

Major holders
Total                                 1560.6  1739.1  1878.6  1961.8  2050.1  2001.9  2050.1  2030.5  2042.2  2086.3  2086.3  2098.7  2097.1
Commercial banks                       510.2   554.0   571.8   606.4   661.0   618.0   661.0   649.7   652.7   668.8   668.8   668.6   665.8
Finance companies                      201.6   220.5   238.1   237.8   295.4   284.0   295.4   307.4   324.7   352.7   352.7   358.6   363.2
Credit unions                          167.9   184.4   189.6   195.7   205.9   203.4   205.9   207.1   211.7   215.0   215.0   216.4   216.9
Federal government and Sallie Mae       84.7   104.0   119.5   129.6   114.6   122.5   114.6   109.8    94.8    99.2    99.2    99.3    98.6
Savings institutions                    61.7    64.8    71.1    68.7    77.9    72.7    77.9    81.4    88.1    89.2    89.2    90.3    91.4
Nonfinancial business                   86.0    90.0    88.8    86.5    70.3    74.7    70.3    62.5    62.9    59.9    59.9    60.7    61.5
Pools of securitized assets 7          448.4   521.3   599.7   637.1   625.0   626.6   625.0   612.6   607.3   601.5   601.5   604.7   599.7

Major types of credit 8
Revolving                              631.5   704.2   750.3   766.7   787.7   750.4   787.7   760.9   764.6   780.1   780.1   782.9   782.1
   Commercial banks                    199.8   230.6   238.3   250.2   284.7   239.9   284.7   268.3   275.6   287.2   287.2   286.2   285.7
   Finance companies                    32.5    37.6    31.5    38.9    37.6    37.3    37.6    37.6    39.9    45.5    45.5    46.4    47.4
   Credit unions                        20.6    22.2    22.3    22.2    22.4    21.3    22.4    21.6    21.6    22.4    22.4    22.4    22.8
   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                 15.4    16.6    17.9    16.3    23.8    19.5    23.8    21.5    25.1    25.5    25.5    26.4    27.4
   Nonfinancial business                48.5    49.8    50.6    48.8    26.5    35.9    26.5    20.7    21.0    17.6    17.6    18.3    18.4
   Pools of securitized assets 7       314.8   347.4   389.7   390.3   392.7   396.5   392.7   391.2   381.4   381.9   381.9   383.1   380.5

Nonrevolving                           929.1  1034.8  1128.2  1195.0  1262.5  1251.4  1262.5  1269.6  1277.6  1306.2  1306.2  1315.7  1315.0
   Commercial banks                    310.4   323.4   333.5   356.2   376.4   378.1   376.4   381.4   377.1   381.6   381.6   382.5   380.1
   Finance companies                   169.2   182.9   206.6   198.8   257.8   246.7   257.8   269.8   284.8   307.2   307.2   312.1   315.8
   Credit unions                       147.3   162.2   167.3   173.5   183.5   182.1   183.5   185.5   190.1   192.6   192.6   194.0   194.1
   Federal government and Sallie Mae    84.7   104.0   119.5   129.6   114.6   122.5   114.6   109.8    94.8    99.2    99.2    99.3    98.6
   Savings institutions                 46.3    48.2    53.2    52.4    54.0    53.2    54.0    60.0    63.0    63.7    63.7    63.9    64.0
   Nonfinancial business                37.5    40.2    38.2    37.7    43.8    38.7    43.8    41.7    42.0    42.3    42.3    42.4    43.1
   Pools of securitized assets 7       133.6   173.9   209.9   246.8   232.3   230.1   232.3   221.3   225.8   219.6   219.6   221.6   219.3

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 are at a simple annual rate and are calculated from unrounded data.
4. 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.
5. Credit card interest rate series are revised back to 1994.
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. 
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