March 2018
Release Date*: May 7, 2018

Consumer credit increased at a seasonally adjusted annual rate of 4-1/4 percent during the first quarter. Revolving credit decreased at an annual rate of 1 percent, while nonrevolving credit increased at an annual rate of 6 percent. In March, consumer credit increased at an annual rate of 3-1/2 percent.

Consumer Credit Outstanding 1
Seasonally adjusted. Billions of dollars except as noted.
  Year Quarter Month
  2017 2018
  2013 2014 2015 2016 2017r Q1 Q2 Q3 Q4r Q1p Janr Febr Marp
Total percent change (annual rate)2 6.0 7.2 7.1 6.8 5.2 5.1 4.5 4.0 6.9 4.2 4.7 4.3 3.6
Revolving 1.3 3.9 5.4 6.8 6.2 4.5 4.5 4.8 10.3 -0.9 0.9 -0.6 -3.0
Nonrevolving 3 7.9 8.4 7.7 6.7 4.9 5.4 4.4 3.7 5.7 6.1 6.1 6.0 6.0
Total flow (annual rate)2,4 175.1 221.2 234.4 230.6 190.4 187.1 164.5 149.5 260.5 161.1 180.1 163.7 139.5
Revolving 11.3 33.5 48.0 61.5 59.9 43.8 44.4 48.0 103.5 -9.5 9.0 -6.2 -31.2
Nonrevolving 3 163.8 187.7 186.4 169.1 130.5 143.4 120.1 101.4 157.0 170.6 171.1 169.8 170.7
Total outstanding 3,093.4 3,314.6 3,413.6 3,644.2 3,834.6 3,691.0 3,732.1 3,769.5 3,834.6 3,874.9 3,849.6 3,863.2 3,874.9
Revolving 855.6 889.1 907.9 969.4 1,029.3 980.4 991.5 1,003.5 1,029.3 1,027.0 1,030.1 1,029.6 1,027.0
Nonrevolving 3 2,237.8 2,425.4 2,505.7 2,674.8 2,805.3 2,710.6 2,740.6 2,766.0 2,805.3 2,847.9 2,819.5 2,833.7 2,847.9
 
Terms of Credit
Not seasonally adjusted. Percent except as noted.
Commercial bank interest rates 5
New car loans
48-month 4.43 4.24 4.19 4.30 4.61 4.52 4.67 4.42 4.81 4.74 n.a. 4.74 n.a.
60-month 4.46 4.25 4.20 4.14 4.33 4.21 4.24 4.36 4.51 4.75 n.a. 4.75 n.a.
Credit card plans
All accounts 11.91 11.87 12.09 12.35 12.89 12.54 12.77 13.08 13.16 13.63 n.a. 13.63 n.a.
Accounts assessed interest 12.95 13.19 13.66 13.56 14.44 13.86 14.00 14.89 14.99 15.32 n.a. 15.32 n.a.
Personal loans
24-month 10.20 10.22 9.75 9.69 10.13 10.05 10.13 9.76 10.57 10.22 n.a. 10.22 n.a.
 
Finance companies (new car loans)6
Interest rates 4.7 4.9 5.1 5.0 5.4 5.1 5.6 5.4 5.3 n.a. n.a. n.a. n.a.
Maturity (months) 63 64 65 66 67 67 67 67 67 n.a. n.a. n.a. n.a.
Amount financed (dollars) 25,586 26,288 27,472 28,601 29,288 29,134 28,569 29,154 30,295 n.a. n.a. n.a. n.a.
Consumer Credit Outstanding (Levels) 1
(Billions of dollars)
Not seasonally adjusted
  Year Quarter Month
  2017 2018
  2013 2014 2015 2016 2017r Q1 Q2 Q3 Q4r Q1p Janr Febr Marp
Total 3,093.4 3,314.6 3,413.6 3,644.2 3,834.6 3,640.1 3,695.4 3,754.0 3,834.6 3,824.0 3,843.4 3,826.9 3,824.0
 
Major holders
Depository institutions 1,271.6 1,343.1 1,428.3 1,532.1 1,616.4 1,487.1 1,514.3 1,541.4 1,616.4 1,571.3 1,597.7 1,577.3 1,571.3
Finance companies 679.1 684.1 561.3 547.9 539.9 541.7 542.4 539.8 539.9 529.5 537.0 533.8 529.5
Credit unions 265.6 302.8 342.3 380.3 418.4 386.9 404.3 408.9 418.4 432.4 423.7 426.4 432.4
Federal government 7 735.5 846.2 949.7 1,049.3 1,146.6 1,087.0 1,098.3 1,133.6 1,146.6 1,180.4 1,172.9 1,178.3 1,180.4
Nonprofit and educational institutions 8 51.8 47.6 44.9 41.9 36.6 40.3 38.9 37.6 36.6 34.9 35.8 35.3 34.9
Nonfinancial business 40.6 40.9 41.1 42.8 41.8 41.6 41.9 42.1 41.8 40.7 41.5 40.9 40.7
Pools of securitized assets 9,10 49.1 49.8 46.0 50.0 34.8 55.5 55.4 50.6 34.8 34.8 34.9 34.8 34.8
 
Major types of credit, by holder
Revolving 855.6 889.1 907.9 969.4 1,029.3 930.0 955.0 969.3 1,029.3 976.6 1,006.2 984.7 976.6
Depository institutions 693.5 731.6 786.8 845.1 908.0 800.5 822.6 837.7 908.0 859.9 886.4 866.9 859.9
Finance companies 67.1 60.3 25.7 25.5 26.6 26.7 26.8 26.1 26.6 24.6 25.9 25.2 24.6
Credit unions 43.4 46.8 49.4 53.1 58.4 52.4 53.3 55.6 58.4 56.9 58.1 57.2 56.9
Federal government 7 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonprofit and educational institutions 8 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonfinancial business 21.1 21.6 22.4 23.1 22.2 21.9 22.2 22.3 22.2 21.1 21.6 21.2 21.1
Pools of securitized assets 9,10 30.5 28.9 23.5 22.5 14.2 28.5 30.1 27.7 14.2 14.2 14.2 14.2 14.2
Nonrevolving 2,237.8 2,425.4 2,505.7 2,674.8 2,805.3 2,710.1 2,740.4 2,784.7 2,805.3 2,847.4 2,837.2 2,842.2 2,847.4
Depository institutions 578.1 611.6 641.5 686.9 708.5 686.6 691.7 703.7 708.5 711.4 711.3 710.4 711.4
Finance companies 612.1 623.8 535.6 522.4 513.4 515.0 515.6 513.7 513.4 505.0 511.1 508.6 505.0
Credit unions 222.2 256.0 292.9 327.2 360.0 334.5 350.9 353.3 360.0 375.5 365.6 369.2 375.5
Federal government 7 735.5 846.2 949.7 1,049.3 1,146.6 1,087.0 1,098.3 1,133.6 1,146.6 1,180.4 1,172.9 1,178.3 1,180.4
Nonprofit and educational institutions 8 51.8 47.6 44.9 41.9 36.6 40.3 38.9 37.6 36.6 34.9 35.8 35.3 34.9
Nonfinancial business 19.5 19.4 18.6 19.7 19.7 19.7 19.6 19.8 19.7 19.7 19.8 19.8 19.7
Pools of securitized assets 9,10 18.6 20.9 22.5 27.5 20.6 27.0 25.3 22.9 20.6 20.6 20.7 20.6 20.6
 
Memo
Student Loans 11 1,145.6 1,236.3 1,320.1 1,407.9 1,490.6 1,443.2 1,448.2 1,480.1 1,490.6 1,521.0 n.a. n.a. 1,521.0
Motor Vehicle Loans 12 878.5 957.6 1,000.7 1,072.9 1,109.2 1,077.6 1,090.8 1,101.8 1,109.2 1,118.3 n.a. n.a. 1,118.3
 
Consumer Credit Outstanding (Flows) 1
(Billions of dollars; annual rate)
Not seasonally adjusted
  Year Quarter Month
  2017 2018
  2013 2014 2015 2016 2017r Q1 Q2 Q3 Q4r Q1p Janr Febr Marp
Total 175.1 221.2 234.4 230.6 190.4 -16.4 221.1 234.4 322.4 -42.4 105.9 -198.5 -34.7
 
Major holders
Depository institutions 52.9 71.5 100.2 103.8 84.4 -180.1 108.9 108.5 300.1 -180.7 -225.3 -244.7 -72.0
Finance companies -0.6 5.0 -2.4 -13.4 -7.9 -24.7 2.7 -10.5 0.7 -41.7 -34.8 -38.5 -51.7
Credit unions 21.9 37.2 39.5 38.0 38.1 26.5 69.5 18.5 37.9 56.2 63.3 33.0 72.3
Federal government 7 113.3 110.7 103.4 99.6 97.3 151.0 45.0 141.2 52.0 135.1 315.9 65.0 24.4
Nonprofit and educational institutions 8 -6.2 -4.2 -2.7 -3.1 -5.3 -6.2 -5.6 -5.2 -4.1 -6.7 -9.4 -6.1 -4.6
Nonfinancial business -5.3 0.3 0.1 1.7 -0.9 -4.7 1.1 0.9 -1.0 -4.5 -4.7 -6.5 -2.3
Pools of securitized assets 9,10 -0.8 0.6 -3.8 4.0 -15.2 21.9 -0.5 -18.9 -63.3 -0.2 0.8 -0.7 -0.8
 
Major types of credit, by holder
Revolving 11.3 33.5 48.0 61.5 59.9 -157.7 99.8 57.4 240.1 -210.9 -277.9 -257.7 -97.0
Depository institutions 17.0 38.1 55.3 58.3 62.8 -178.6 88.3 60.6 281.1 -192.3 -258.8 -234.1 -84.0
Finance companies -4.3 -6.8 -5.4 -0.2 1.1 4.6 0.4 -2.8 2.1 -8.1 -8.3 -8.1 -8.0
Credit unions 4.5 3.4 2.6 3.6 5.3 -2.6 3.7 8.9 11.3 -5.9 -4.1 -9.8 -3.7
Federal government 7 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonprofit and educational institutions 8 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonfinancial business -5.2 0.4 0.9 0.7 -0.9 -4.7 1.2 0.2 -0.4 -4.5 -6.7 -5.6 -1.3
Pools of securitized assets 9,10 -0.7 -1.6 -5.4 -1.0 -8.4 23.7 6.3 -9.4 -54.0 0.0 0.0 0.0 0.0
Nonrevolving 163.8 187.7 186.4 169.1 130.5 141.3 121.3 177.1 82.3 168.4 383.8 59.2 62.4
Depository institutions 35.9 33.5 44.9 45.4 21.5 -1.5 20.7 47.9 19.0 11.7 33.5 -10.6 12.1
Finance companies 3.6 11.7 2.9 -13.3 -9.0 -29.3 2.4 -7.7 -1.4 -33.5 -26.6 -30.4 -43.7
Credit unions 17.4 33.8 36.9 34.3 32.8 29.1 65.8 9.6 26.6 62.1 67.5 42.8 76.0
Federal government 7 113.3 110.7 103.4 99.6 97.3 151.0 45.0 141.2 52.0 135.1 315.9 65.0 24.4
Nonprofit and educational institutions 8 -6.2 -4.2 -2.7 -3.1 -5.3 -6.2 -5.6 -5.2 -4.1 -6.7 -9.4 -6.1 -4.6
Nonfinancial business -0.1 -0.1 -0.8 1.0 0.0 0.0 -0.2 0.7 -0.6 0.0 2.0 -0.8 -1.1
Pools of securitized assets 9,10 -0.2 2.2 1.6 5.0 -6.8 -1.8 -6.9 -9.5 -9.2 -0.2 0.8 -0.7 -0.8
 
Memo
Student Loans 11 91.0 90.7 83.9 87.8 82.7 141.3 20.0 127.5 41.8 121.8 n.a. n.a. 121.8
Motor Vehicle Loans 12 69.5 79.1 80.7 72.2 36.3 19.0 52.9 43.7 29.7 36.5 n.a. n.a. 36.5
 

*This release is generally issued on the fifth business day of each month. See the Statistical Release Schedule for more information.

Footnotes

  1. Covers most 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. Percent changes are adjusted to exclude the effect of such breaks. In addition, percent changes are at a simple annual rate and are calculated from unrounded data.
  3. Includes motor vehicle 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.
  4. Flow data represent changes in the level of credit due to economic and financial activity, and exclude breaks in the data series due to changes in methodology, source data, and other technical aspects of the estimation that could affect the level of credit.
  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).
  6. Covers most of the captive and non-captive finance companies. The series of finance company new car loan terms included in previous releases are discontinued. They remain available from the Data Download Program.
  7. Includes student loans originated by the Department of Education under the Federal Direct Loan Program and the Perkins Loan Program, as well as Federal Family Education Program loans that the government purchased under the Ensuring Continued Access to Student Loans Act.
  8. Includes student loans originated under the Federal Family Education Loan Program and held by educational institutions and nonprofit organizations.
  9. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
  10. The shift of consumer credit from pools of securitized assets to other categories is largely due to financial institutions' implementation of the FAS 166/167 accounting rules.
  11. Includes student loans originated under the Federal Family Education Loan Program and the Direct Loan Program; Perkins loans; and private student loans without government guarantees. This memo item includes loan balances that are not included in the nonrevolving credit balances. For additional information, see public documentation. Data for this memo item are released for each quarter-end month.
  12. Includes motor vehicle loans owned and securitized by depository institutions, finance companies, credit unions, and nonfinancial business. Includes loans for passenger cars and other vehicles such as minivans, vans, sport-utility vehicles, pickup trucks, and similar light trucks for personal use. Loans for boats, motorcycles and recreational vehicles are not included. Data for this memo item are released for each quarter-end month.

r=revised. p=preliminary. n.a.=not available. ...=not applicable.

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Last Update: May 07, 2018