G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time) 1 September 1996 November 7, 1996 Consumer credit outstanding declined at a 2.7 percent seasonally adjusted annual rate in September, after a 5.2 percent rate of increase in August. The September decline was the first since May 1993. Growth of revolving credit slowed further in September while both automobile and "other" credit declined. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- 1995 1996 _______________________________ _______________________________________________________________________ Sept. Oct. Nov. Dec. Jan. r Feb. r Mar. r Apr. r May r June r July r Aug. r Sept. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 16.8 8.9 12.9 9.8 11.2 12.4 12.2 8.5 7.0 7.4 12.2 5.2 -2.7 Automobile 6.4 10.8 10.8 12.5 6.4 9.6 10.2 8.6 3.8 15.7 17.5 2.2 -3.1 Revolving 29.1 15.2 8.4 19.2 14.8 19.2 15.8 18.1 15.3 4.5 18.9 6.7 2.6 Other 3 12.9 -0.6 20.5 -4.2 11.7 6.8 9.8 -3.8 -0.3 2.4 -1.8 6.3 -9.1 Amount: billions of dollars Total 1,074.7 1,082.7 1,094.4 1,103.3 1,113.6 1,125.1 1,136.5 1,144.5 1,151.1 1,158.2 1,170.1 1,175.1 1,172.5 Automobile 341.0 344.1 347.2 350.8 352.7 355.6 358.6 361.2 362.3 367.0 372.4 373.1 372.1 Revolving 399.5 404.6 407.4 413.9 419.0 425.7 431.3 437.9 443.5 445.1 452.1 454.6 455.6 Other 3 334.2 334.0 339.7 338.6 341.9 343.8 346.6 345.5 345.4 346.1 345.6 347.4 344.8 -------------------------------------------------------------------------------------------------------------------------------------------- TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 4 Percent except as noted: not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- Institution, terms, and type of loan -------------------------------------------------------------------------------------------------------------------------------------------- Commercial banks Interest rates 48-mo. new car n.a. n.a. 9.36 n.a. n.a. 9.12 n.a. n.a. 8.93 n.a. n.a. 9.11 n.a. 24-mo. personal n.a. n.a. 13.80 n.a. n.a. 13.63 n.a. n.a. 13.52 n.a. n.a. 13.37 n.a. Credit card plan All accounts n.a. n.a. 15.81 n.a. n.a. 15.82 n.a. n.a. 15.44 n.a. n.a. 15.65 n.a. Accounts assessed interest n.a. n.a. 15.71 n.a. n.a. 15.41 n.a. n.a. 15.41 n.a. n.a. 15.64 n.a. New car loans at auto finance companies Interest rates 10.75 10.89 10.84 10.52 9.74 9.86 9.77 9.64 9.37 9.53 9.81 10.49 10.52 Maturity (months) 53.4 54.6 54.5 53.6 51.8 52.3 51.8 51.5 50.8 50.4 50.5 51.4 51.9 Loan-to-value ratio 92 92 92 92 92 91 91 91 91 91 91 92 91 Amount financed (dollars) 16,402 16,430 16,583 17,034 16,698 16,627 16,520 16,605 16,686 16,854 16,926 16,927 17,182 -------------------------------------------------------------------------------------------------------------------------------------------- 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 _______________________________ _______________________________________________________________________ Sept. Oct. Nov. Dec. Jan. r Feb. r Mar. r Apr. r May r June r July r Aug. r Sept. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ----------------------------------------------------------------------------------------------------------------------------------------- Total 1,078.2 1,084.1 1,101.4 1,131.9 1,123.9 1,122.2 1,126.2 1,133.8 1,141.4 1,151.1 1,160.3 1,171.9 1,176.5 Major holders Commercial banks 492.4 491.8 496.0 507.8 502.2 500.3 500.9 506.6 505.2 507.7 511.2 517.8 518.6 Finance companies 146.2 148.7 147.1 152.6 152.6 154.4 151.7 153.3 155.9 155.9 156.4 155.6 155.9 Credit unions 129.2 130.3 130.9 131.9 131.5 131.2 131.5 132.8 134.6 136.1 138.2 140.6 141.7 Savings institutions 39.7 40.1 40.5 40.1 40.2 40.4 40.7 41.1 41.6 41.1 42.1 42.2 43.0 Nonfinancial business 78.3 78.8 77.9 85.1 80.7 78.1 76.7 73.7 74.6 72.0 71.1 71.0 68.6 Pools of securitized assets 5 192.4 194.5 208.9 214.4 216.6 217.7 224.6 226.2 229.5 238.3 241.2 244.7 248.7 Major types of credit 6 Automobile 344.1 348.1 351.0 354.1 352.2 353.3 354.9 356.7 359.6 365.6 371.2 374.5 375.5 Commercial banks 146.9 150.1 148.0 149.1 148.2 147.7 148.5 150.1 150.5 152.9 154.6 156.0 155.4 Finance companies 68.9 70.8 68.2 70.6 71.4 73.3 72.1 73.8 74.3 74.3 75.1 74.4 75.3 Pools of securitized assets 5 39.1 37.2 44.7 44.4 42.4 41.6 43.0 40.7 41.2 44.7 45.1 45.6 45.2 Revolving 399.3 404.0 410.5 435.7 426.0 424.6 426.0 431.1 437.6 440.2 445.7 451.7 455.6 Commercial banks 195.0 195.9 197.1 210.3 200.1 198.9 196.8 201.1 203.4 204.0 207.9 211.0 213.8 Nonfinancial business 49.6 50.0 48.5 53.5 50.5 48.6 47.4 44.5 45.2 42.6 41.7 41.3 38.8 Pools of securitized assets 5 132.8 135.7 141.9 147.9 151.6 153.4 157.9 161.4 164.5 168.8 171.0 174.0 177.4 Other 334.8 332.1 339.8 342.2 345.7 344.2 345.3 345.9 344.2 345.3 343.4 345.7 345.4 Commercial banks 150.5 145.7 150.9 148.4 153.9 153.7 155.6 155.4 151.3 150.7 148.7 150.8 149.4 Finance companies 77.3 77.9 78.9 82.0 81.2 81.1 79.6 79.5 81.6 81.6 81.3 81.1 80.6 Nonfinancial business 28.7 28.8 29.4 31.5 30.2 29.5 29.3 29.2 29.5 29.4 29.4 29.8 29.8 Pools of securitized assets 5 20.4 21.5 22.3 22.1 22.6 22.7 23.7 24.1 23.8 24.8 25.1 25.1 26.1 ----------------------------------------------------------------------------------------------------------------------------------------- 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.