G.19                                                          CONSUMER CREDIT                            For release at 3 p.m.(Eastern Time)
  1                                                                 May 1996                                                      July 8, 1996

  Consumer credit outstanding grew at a 4.9 percent seasonally adjusted annual rate in May.  Revolving credit remained strong, but growth of
  auto credit was slow and 'other' credit declined further.

  CONSUMER CREDIT OUTSTANDING 1
  Seasonally adjusted
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                                                                    1995                                                1996
                                       _______________________________________________________________ _______________________________________

                                           May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.    Jan.    Feb.  Mar. r  Apr. r   May p
                                       ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
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  Percent change at annual rate 2
       Total                              16.3    14.7    12.2    14.3    16.8     8.9    12.9     9.7    11.3    11.6    10.1     7.2     4.9  
         Automobile                       12.6     8.8    15.4     8.3     6.4    10.8    10.8    13.2     4.8     8.0     5.1    10.8     3.4
         Revolving                        26.4    22.5    10.8    24.6    29.1    15.2     8.4    19.2    14.9    19.3    15.3    20.3    16.1
         Other 3                           8.6    11.7    10.4     8.3    12.9    -0.6    20.5    -5.4    13.5     5.8     8.8   -13.1    -8.0

  Amount: billions of dollars
       Total                           1,024.4 1,037.0 1,047.5 1,059.9 1,074.7 1,082.7 1,094.4 1,103.2 1,113.5 1,124.3 1,133.7 1,140.4 1,145.1
         Automobile                      330.2   332.6   336.9   339.2   341.0   344.1   347.2   351.1   352.5   354.8   356.3   359.5   360.5
         Revolving                       371.8   378.8   382.2   390.1   399.5   404.6   407.4   413.9   419.0   425.8   431.2   438.5   444.4
         Other 3                         322.4   325.6   328.4   330.6   334.2   334.0   339.7   338.2   342.0   343.7   346.2   342.4   340.1
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  TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 4
  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                   9.78    n.a.    n.a.    9.44    n.a.    n.a.    9.36    n.a.    n.a.    9.12    n.a.    n.a.    8.93
         24-mo. personal                 14.03    n.a.    n.a.   13.84    n.a.    n.a.   13.80    n.a.    n.a.   13.63    n.a.    n.a.   13.52
         Credit card plan
           All accounts                  16.15    n.a.    n.a.   15.98    n.a.    n.a.   15.81    n.a.    n.a.   15.82    n.a.    n.a.   15.44
           Accounts assessed interest    16.23    n.a.    n.a.   15.94    n.a.    n.a.   15.71    n.a.    n.a.   15.41    n.a.    n.a.   15.41

  New car loans at auto finance companies
       Interest rates                    11.43   11.08   11.01   10.85   10.75   10.89   10.84   10.52    9.74    9.86    9.77    9.64    9.37
       Maturity (months)                  54.4    53.9    54.1    53.5    53.4    54.6    54.5    53.6    51.8    52.3    51.8    51.5    50.8
       Loan-to-value ratio                  92      92      92      92      92      92      92      92      92      91      91      91      91
       Amount financed (dollars)        16,155  16,083  16,086  16,056  16,402  16,430  16,583  17,034  16,698  16,627  16,520  16,605  16,686
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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

   ------------------------------------------------------------------------------------------------------------------------------------------
                                                                   1995                                                1996
                                      _______________________________________________________________ _______________________________________

                                          May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.    Jan.    Feb.  Mar. r  Apr. r   May p
                                      ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
   ------------------------------------------------------------------------------------------------------------------------------------------

   Total                              1,015.9 1,030.8 1,038.9 1,057.2 1,078.2 1,084.1 1,101.4 1,131.7 1,123.8 1,121.3 1,123.4 1,129.7 1,135.3

   Major holders
   Commercial banks                     473.9   476.3   480.5   490.4   492.4   491.8   496.0   507.4   502.4   500.1   499.8   505.0   504.0
   Finance companies                    139.6   141.7   142.2   145.5   146.2   148.7   147.1   152.6   152.6   154.4   151.7   153.3   154.8
   Credit unions                        122.8   125.7   126.8   128.7   129.2   130.3   130.9   131.9   131.3   130.8   130.8   131.8   133.4
   Savings institutions                  38.2    38.5    38.9    39.3    39.7    40.1    40.5    40.1    40.0    40.0    40.0    40.0    40.0
   Nonfinancial business                 80.0    80.5    80.0    78.6    78.3    78.8    77.9    85.1    80.7    78.1    76.7    73.8    74.7
   Pools of securitized assets 5        161.5   168.1   170.5   174.8   192.4   194.5   208.9   214.6   216.8   217.9   224.3   225.8   228.6

   Major types of credit 6
   Automobile                           327.9   331.4   335.7   340.5   344.1   348.1   351.0   354.3   352.0   352.6   352.6   355.1   357.9
      Commercial banks                  141.7   143.0   145.5   147.2   146.9   150.1   148.0   149.1   148.2   147.7   148.5   150.5   151.0
      Finance companies                  63.7    65.2    65.9    68.3    68.9    70.8    68.2    70.6    71.4    73.3    72.1    73.8    74.3
      Pools of securitized assets 5      36.7    37.1    37.4    36.9    39.1    37.2    44.7    44.6    42.6    41.8    42.9    40.5    41.0

   Revolving                            366.8   374.6   376.9   387.5   399.3   404.0   410.5   435.7   426.0   424.7   425.8   431.8   438.5
      Commercial banks                  185.9   187.3   187.4   195.4   195.0   195.9   197.1   210.3   200.1   198.9   196.8   201.9   205.0
      Nonfinancial business              51.7    52.1    51.7    49.8    49.6    50.0    48.5    53.5    50.5    48.6    47.4    44.5    45.2
      Pools of securitized assets 5     108.4   114.1   116.5   120.3   132.8   135.7   141.9   147.9   151.6   153.4   157.7   161.2   163.8

   Other                                321.2   324.8   326.3   329.2   334.8   332.1   339.8   341.8   345.8   344.1   344.9   342.8   338.9
      Commercial banks                  146.3   146.0   147.7   147.7   150.5   145.7   150.9   148.0   154.1   153.6   154.5   152.6   147.9
      Finance companies                  75.9    76.6    76.3    77.3    77.3    77.9    78.9    82.0    81.2    81.1    79.6    79.5    80.4
      Nonfinancial business              28.3    28.4    28.4    28.7    28.7    28.8    29.4    31.5    30.2    29.5    29.3    29.2    29.5
      Pools of securitized assets..5     16.4    16.9    16.6    17.5    20.4    21.5    22.3    22.1    22.6    22.7    23.7    24.1    23.8
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   1. Covers most short- and intermediate- term credit extended to individuals, excluding loans secured by real estate.
   2. Percent changes calculated from unrounded data.
   3. Comprises mobile home loans and all other loans not included in automobile or revolving credit, such as loans for education,
    boats, trailers, or vacations. These loans may be secured or unsecured.
   4. 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.
   5. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of
   the loan originators.
   6. Includes estimates for holders that do not separately report consumer credit holding by type.
   r=revised.  p=preliminary.