Current Release PDF Data Download

Release Date*: February 7, 2024

December 2023

In 2023, consumer credit increased 2.4 percent, with revolving and nonrevolving credit increasing 8.4 percent and 0.4 percent, respectively. During the fourth quarter, consumer credit increased at a seasonally adjusted annual rate of 2.6 percent, while in December it increased at a seasonally adjusted annual rate of 0.4 percent.
 
Consumer Credit Outstanding 1
Seasonally adjusted. Billions of dollars except as noted.
  2022 2023
2019 2020 2021 2022 2023p Q4 Q1 Q2 Q3r Q4p Octr Novr Decp
Total percent change (annual rate)2 4.6 -0.3 5.7 7.6 2.4 7.3 4.2 2.1 0.5 2.6 1.7 5.7 0.4
Revolving 3.6 -11.2 6.7 15.1 8.4 14.0 9.1 6.6 10.1 6.8 2.8 16.6 1.0
Nonrevolving 3 5.0 3.5 5.4 5.3 0.4 5.1 2.7 0.6 -2.7 1.1 1.3 1.8 0.2
Total flow (annual rate)2,4 185.1 -12.0 237.8 345.5 116.2 349.0 207.6 102.7 26.0 128.7 85.7 281.8 18.7
Revolving 38.1 -122.1 65.7 159.1 101.6 164.4 110.0 81.5 127.1 88.1 36.7 215.2 12.5
Nonrevolving 3 147.0 110.1 172.2 186.4 14.6 184.6 97.6 21.2 -101.1 40.6 49.1 66.6 6.2
Total outstanding 4,192.2 4,184.9 4,548.5 4,894.0 5,010.3 4,894.0 4,945.9 4,971.6 4,978.1 5,010.3 4,985.2 5,008.7 5,010.3
Revolving 1,092.0 974.6 1,053.5 1,212.6 1,314.3 1,212.6 1,240.1 1,260.5 1,292.2 1,314.3 1,295.3 1,313.2 1,314.3
Nonrevolving 3 3,100.2 3,210.3 3,495.0 3,681.4 3,696.0 3,681.4 3,705.8 3,711.1 3,685.9 3,696.0 3,690.0 3,695.5 3,696.0
 
Terms of Credit
Not seasonally adjusted. Percent except as noted.
Commercial bank interest rates 5
New car loans
60-month 5.31 5.02 4.82 5.36 7.83 6.55 7.48 7.81 7.88 8.15 n.a. 8.15 n.a.
72-month 5.36 5.21 4.82 5.50 7.89 6.64 6.97 7.80 8.12 8.67 n.a. 8.67 n.a.
Credit card plans
All accounts 15.05 14.71 14.60 16.26 20.90 19.07 20.09 20.84 21.19 21.47 n.a. 21.47 n.a.
Accounts assessed interest 16.98 16.28 16.45 17.91 22.15 20.40 20.92 22.16 22.77 22.75 n.a. 22.75 n.a.
Personal loans
24-month 10.32 9.51 9.38 9.87 11.87 11.21 11.48 11.48 12.17 12.35 n.a. 12.35 n.a.
 
Finance companies (new car loans)6
Interest rates 6.4 5.2 4.6 5.2 6.6 6.1 6.4 6.6 6.7 n.a. n.a. n.a. n.a.
Maturity (months) 67 69 67 67 66 67 66 65 65 n.a. n.a. n.a. n.a.
Amount financed (dollars) 31,311 34,449 35,307 38,900 38,781 39,407 39,066 38,689 38,588 n.a. n.a. n.a. n.a.
 
Consumer Credit Outstanding (Levels) 1
Not seasonally adjusted. Billions of dollars.
  2022 2023
2019 2020 2021 2022 2023p Q4 Q1 Q2 Q3r Q4p Octr Novr Decp
Total 4,192.2 4,184.9 4,548.5 4,894.0 5,010.3 4,894.0 4,886.5 4,940.7 4,960.7 5,010.3 4,964.1 5,002.2 5,010.3
 
Major holders
Depository institutions 1,774.1 1,687.5 1,827.2 2,032.8 2,097.7 2,032.8 2,002.5 2,037.0 2,064.9 2,097.7 2,063.5 2,098.2 2,097.7
Finance companies 537.7 551.4 695.1 682.7 733.3 682.7 686.0 706.5 718.7 733.3 723.4 727.9 733.3
Credit unions 498.0 505.1 532.0 636.7 666.6 636.7 645.0 654.0 661.6 666.6 663.8 662.7 666.6
Federal government 7 1,319.2 1,381.0 1,436.4 1,487.3 1,460.1 1,487.3 1,499.7 1,490.1 1,463.1 1,460.1 1,461.3 1,461.0 1,460.1
Nonprofit and educational institutions 8 27.3 24.1 22.0 18.7 16.8 18.7 18.6 18.2 17.3 16.8 17.1 16.9 16.8
Nonfinancial business 35.8 35.8 35.8 35.8 35.8 35.8 34.7 34.9 35.0 35.8 35.1 35.5 35.8
 
Major types of credit, by holder
Revolving 1,092.0 974.6 1,053.5 1,212.6 1,314.3 1,212.6 1,178.9 1,224.2 1,253.8 1,314.3 1,258.3 1,298.1 1,314.3
Depository institutions 983.6 875.3 944.2 1,095.7 1,190.9 1,095.7 1,064.8 1,107.3 1,135.1 1,190.9 1,138.2 1,176.6 1,190.9
Finance companies 21.9 17.1 24.7 22.3 20.8 22.3 20.6 20.8 20.4 20.8 20.6 20.7 20.8
Credit unions 66.5 62.3 64.7 74.7 82.6 74.7 74.6 77.0 79.2 82.6 80.3 81.1 82.6
Federal government 7 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonprofit and educational institutions 8 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonfinancial business 20.0 20.0 20.0 20.0 20.0 20.0 18.9 19.1 19.1 20.0 19.2 19.6 20.0
Nonrevolving 3,100.2 3,210.3 3,495.0 3,681.4 3,696.0 3,681.4 3,707.6 3,716.6 3,706.9 3,696.0 3,705.8 3,704.1 3,696.0
Depository institutions 790.5 812.2 883.0 937.1 906.8 937.1 937.7 929.7 929.9 906.8 925.3 921.6 906.8
Finance companies 515.9 534.3 670.4 660.5 712.5 660.5 665.4 685.7 698.3 712.5 702.8 707.2 712.5
Credit unions 431.5 442.8 467.4 562.0 584.0 562.0 570.4 577.0 582.4 584.0 583.5 581.5 584.0
Federal government 7 1,319.2 1,381.0 1,436.4 1,487.3 1,460.1 1,487.3 1,499.7 1,490.1 1,463.1 1,460.1 1,461.3 1,461.0 1,460.1
Nonprofit and educational institutions 8 27.3 24.1 22.0 18.7 16.8 18.7 18.6 18.2 17.3 16.8 17.1 16.9 16.8
Nonfinancial business 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.9 15.8 15.9 15.9 15.8
 
Memo
Student Loans 9 1,637.9 1,693.9 1,733.4 1,764.1 1,727.2 1,764.1 1,774.9 1,761.2 1,732.6 1,727.2 n.a. n.a. 1,727.2
Motor Vehicle Loans 10 1,184.1 1,224.4 1,392.7 1,499.5 1,558.5 1,499.5 1,516.4 1,535.2 1,552.4 1,558.5 n.a. n.a. 1,558.5
Consumer Credit Outstanding (Flows) 1
Not seasonally adjusted. Billions of dollars, annual rate.
  2022 2023
  2019 2020 2021 2022 2023p Q4 Q1 Q2 Q3r Q4p Octr Novr Decp
Total 185.1 -12.0 237.8 345.5 116.2 418.8 -30.3 217.1 79.7 198.5 41.4 456.8 97.3
 
Major holders
Depository institutions 86.6 -91.3 139.7 205.6 64.8 292.2 -121.3 138.0 111.8 130.8 -17.8 417.1 -6.8
Finance companies 3.4 13.7 17.8 -12.4 50.6 12.3 13.3 81.9 48.8 58.6 56.0 54.8 65.1
Credit unions 16.8 7.1 26.9 104.7 29.9 81.5 33.1 36.0 30.4 19.9 26.2 -13.5 47.0
Federal government 7 83.0 61.7 55.4 51.0 -27.2 32.7 49.4 -38.2 -108.2 -11.9 -21.2 -4.1 -10.4
Nonprofit and educational institutions 8 -4.0 -3.2 -2.0 -3.4 -1.9 -3.1 -0.3 -1.5 -3.6 -2.0 -2.4 -2.5 -1.0
Nonfinancial business -0.7 0.0 0.0 0.0 0.0 3.0 -4.4 0.9 0.5 3.0 0.7 5.0 3.5
 
Major types of credit, by holder
Revolving 38.1 -122.1 65.7 159.1 101.6 318.2 -134.9 181.1 118.5 241.9 54.4 477.4 194.0
Depository institutions 36.4 -113.0 68.9 151.5 95.2 295.3 -123.6 170.0 111.2 223.2 37.5 461.1 170.9
Finance companies -1.9 -4.8 -5.6 -2.5 -1.4 2.2 -6.5 0.6 -1.4 1.7 2.2 1.3 1.7
Credit unions 4.2 -4.3 2.4 10.0 7.9 17.3 -0.3 9.6 8.6 13.6 13.8 9.5 17.5
Federal government 7 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonprofit and educational institutions 8 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonfinancial business -0.5 0.0 0.0 0.0 0.0 3.4 -4.5 0.9 0.1 3.4 1.0 5.4 3.9
Nonrevolving 147.0 110.1 172.2 186.4 14.6 100.6 104.7 36.0 -38.8 -43.5 -13.0 -20.6 -96.7
Depository institutions 50.3 21.7 70.8 54.1 -30.4 -3.0 2.3 -32.0 0.6 -92.4 -55.3 -44.0 -177.8
Finance companies 5.2 18.5 23.5 -9.9 52.0 10.2 19.8 81.3 50.2 56.9 53.8 53.5 63.4
Credit unions 12.7 11.3 24.6 94.6 22.0 64.2 33.4 26.4 21.8 6.3 12.5 -23.0 29.4
Federal government 7 83.0 61.7 55.4 51.0 -27.2 32.7 49.4 -38.2 -108.2 -11.9 -21.2 -4.1 -10.4
Nonprofit and educational institutions 8 -4.0 -3.2 -2.0 -3.4 -1.9 -3.1 -0.3 -1.5 -3.6 -2.0 -2.4 -2.5 -1.0
Nonfinancial business -0.1 0.0 0.0 0.0 0.0 -0.4 0.1 -0.1 0.4 -0.4 -0.3 -0.5 -0.4
 
Memo
Student Loans 9 71.0 56.0 39.6 30.7 -36.9 9.3 43.4 -54.7 -114.7 -21.7 n.a. n.a. -21.7
Motor Vehicle Loans 10 44.5 40.3 90.4 106.8 59.0 90.3 67.6 75.0 69.1 24.4 n.a. n.a. 24.4

*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. Includes receivables carried on the balance sheet of the institution as well as outstanding balances of pools upon which securities have been issued; under the current accounting rule, most of those balances remain on the balance sheets of the loan originator.
  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. 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.
  10. 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.

Back to Top
Last Update: February 07, 2024
Back to Top