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

Release Date: December 5, 2003
Release dates | Historical data
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G.19                                                        CONSUMER CREDIT                        For release at 3 p.m. (Eastern Time)
1                                                            October 2003                                              December 5, 2003

In October, consumer credit rose at an annual rate of 1/2 percent, down from a 10-1/2 percent pace in September; revolving credit posted
a modest gain while nonrevolving credit fell slightly.


CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
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                                                                             2002                            2003
                                                                        _______________ _______________________________________________

                                 1998    1999    2000    2001    2002     Q3      Q4      Q1      Q2     Q3 r    Aug r   Sep r   Oct p
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Percent change at annual rate 2,3
  Total                            6.5     8.5    10.7     7.3     4.3     5.7    -0.4     5.0     4.8     7.1     6.0    10.4     0.6
   Revolving                       5.9     6.3    11.6     5.1     1.5     2.9    -3.1     4.8     3.0     3.9     3.4     6.5     3.6
   Nonrevolving 4                  6.9    10.0    10.2     8.8     6.0     7.4     1.2     5.1     5.8     9.0     7.6    12.8    -1.2

Amount: billions of dollars
  Total                         1399.9  1518.8  1692.9  1817.2  1895.4  1897.4  1895.4  1919.0  1941.9  1976.3  1959.3  1976.3  1977.3
   Revolving                     562.5   598.0   667.4   701.3   712.0   717.6   712.0   720.6   726.0   733.1   729.1   733.1   735.3
   Nonrevolving 4                837.5   920.9  1025.5  1115.9  1183.4  1179.8  1183.4  1198.5  1216.0  1243.2  1230.1  1243.2  1241.9
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TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5
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                 8.73    8.44    9.34    8.50    7.62    7.58    7.34    7.11    7.05    6.78    6.78     n.a.    n.a.
   24-mo. personal               13.76   13.39   13.90   13.22   12.54   12.49   12.24   11.70   12.19   11.95   11.95     n.a.    n.a.
        Credit card plan
    All accounts                 15.71   15.21   15.71   14.89   13.43   13.37   13.13   13.20   12.90   12.49   12.49     n.a.    n.a.
    Accounts assessed interest   15.59   14.81   14.91   14.44   13.09   13.26   12.78   12.85   12.82   13.11   13.11     n.a.    n.a.

New car loans at auto finance companies
  Interest rates                  6.30    6.66    6.61    5.65    4.29    2.68    3.18    3.65    2.61    3.55    3.56    3.81    3.92
  Maturity (months)               52.1    52.7    54.9    55.1    56.8    58.9    57.4    59.1    61.1    63.0    63.0    63.2    63.5
  Loan-to-value ratio               92      92      92      91      94      96      96      96      97      94      93      94      94
  Amount financed (dollars)     19,083  19,880  20,923  22,822  24,747  25,959  26,283  25,486  27,468  25,733  25,407  25,663  26,067

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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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                                                                                   2002                            2003
                                                                              _______________ _______________________________________________

                                       1998    1999    2000    2001    2002     Q3      Q4      Q1      Q2     Q3 r    Aug r   Sep r   Oct p
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Total                                 1430.2  1550.4  1727.7  1853.7  1932.9  1892.5  1932.9  1908.3  1931.8  1970.8  1958.1  1970.8  1977.8

Major holders
Total                                 1430.2  1550.4  1727.7  1853.7  1932.9  1892.5  1932.9  1908.3  1931.8  1970.8  1958.1  1970.8  1977.8
Commercial banks                       508.9   499.8   541.5   558.4   587.2   575.7   587.2   575.3   584.2   593.7   590.3   593.7   591.8
Finance companies                      183.3   201.6   220.5   238.1   237.8   249.7   237.8   233.5   244.3   271.6   264.3   271.6   270.2
Credit unions                          155.4   167.9   184.4   189.6   195.7   195.9   195.7   193.9   198.6   204.9   203.8   204.9   206.2
Federal government and Sallie Mae       65.7    84.7   104.0   119.5   129.6   134.3   129.6   125.9   120.4   121.2   118.1   121.2   122.4
Savings institutions                    51.6    61.5    64.6    69.1    68.5    65.2    68.5    68.4    73.6    72.5    72.8    72.5    73.5
Nonfinancial business                   74.9    80.3    82.7    68.0    56.9    49.2    56.9    48.5    47.8    47.2    48.2    47.2    47.4
Pools of securitized assets 6          390.3   454.5   530.0   611.0   657.2   622.5   657.2   662.9   663.0   659.7   660.7   659.7   666.3

Major types of credit 7
Revolving                              586.2   621.9   693.0   727.3   738.0   711.6   738.0   713.5   722.8   726.8   726.9   726.8   728.4
   Commercial banks                    210.3   189.4   218.1   224.9   231.0   226.2   231.0   212.5   217.5   215.5   216.3   215.5   213.0
   Finance companies                    31.9    32.5    37.6    31.5    38.9    37.3    38.9    36.3    34.6    37.3    37.4    37.3    37.2
   Credit unions                        19.9    20.6    22.2    22.3    22.2    21.3    22.2    20.7    21.1    21.1    21.3    21.1    21.0
   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                 12.5    15.8    16.6    17.8    16.2    14.7    16.2    16.0    19.1    19.5    19.4    19.5    19.9
   Nonfinancial business                39.2    42.8    42.4    29.8    19.2    14.1    19.2    13.7    12.9    12.5    13.2    12.5    12.7
   Pools of securitized assets 6       272.3   320.8   356.1   401.1   410.4   398.0   410.4   414.3   417.6   420.8   419.2   420.8   424.5

Nonrevolving                           844.1   928.4  1034.6  1126.4  1194.9  1180.9  1194.9  1194.8  1209.0  1244.0  1231.2  1244.0  1249.4
   Commercial banks                    298.6   310.4   323.4   333.5   356.2   349.5   356.2   362.8   366.7   378.2   373.9   378.2   378.8
   Finance companies                   151.4   169.2   182.9   206.6   198.8   212.4   198.8   197.2   209.6   234.3   226.9   234.3   233.0
   Credit unions                       135.5   147.3   162.2   167.3   173.5   174.6   173.5   173.2   177.5   183.8   182.5   183.8   185.2
   Federal government and Sallie Mae    65.7    84.7   104.0   119.5   129.6   134.3   129.6   125.9   120.4   121.2   118.1   121.2   122.4
   Savings institutions                 39.2    45.7    48.0    51.3    52.3    50.5    52.3    52.4    54.4    53.0    53.5    53.0    53.6
   Nonfinancial business                35.7    37.5    40.2    38.2    37.7    35.0    37.7    34.8    34.9    34.7    35.0    34.7    34.7
   Pools of securitized assets 6       118.0   133.6   173.9   209.9   246.8   224.5   246.8   248.6   245.4   238.9   241.4   238.9   241.7

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. 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. 
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