G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time) 1 November 1996 January 8, 1997 Consumer credit outstanding grew at a 7.4 percent seasonally adjusted annual rate in November, following a revised 6.7 percent gain in October. Revolving credit growth strengthened in November while growth of auto credit slowed and that of 'other' consumer credit continued at about the October pace. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- 1995 1996 _______________ _______________________________________________________________________________________ Nov. Dec. Jan. Feb. Mar. Apr. May June r July r Aug. r Sept. r Oct. r Nov. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 12.9 9.8 11.1 12.3 11.9 8.5 6.9 6.1 14.3 6.5 -0.1 6.7 7.4 Automobile 10.8 12.5 7.2 9.6 9.5 8.6 3.8 17.9 21.7 1.8 4.3 3.1 1.5 Revolving 8.4 19.2 14.8 19.2 15.8 18.1 15.3 4.5 18.9 6.7 2.0 3.8 8.5 Other 3 20.5 -4.2 10.8 6.7 9.5 -3.7 -0.4 -4.1 0.5 11.2 -7.5 14.5 12.3 Amount: billions of dollars Total 1,094.4 1,103.3 1,113.5 1,125.0 1,136.2 1,144.2 1,150.8 1,156.7 1,170.4 1,176.8 1,176.7 1,183.2 1,190.6 Automobile 347.2 350.8 352.9 355.8 358.6 361.2 362.3 367.7 374.3 374.9 376.2 377.2 377.7 Revolving 407.4 413.9 419.0 425.7 431.3 437.9 443.5 445.1 452.1 454.6 455.4 456.8 460.0 Other 3 339.7 338.6 341.6 343.5 346.2 345.2 345.1 343.9 344.0 347.2 345.1 349.2 352.8 -------------------------------------------------------------------------------------------------------------------------------------------- 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 9.36 n.a. n.a. 9.12 n.a. n.a. 8.93 n.a. n.a. 9.11 n.a. n.a. 9.03 24-mo. personal 13.80 n.a. n.a. 13.63 n.a. n.a. 13.52 n.a. n.a. 13.37 n.a. n.a. 13.62 Credit card plan All accounts 15.81 n.a. n.a. 15.82 n.a. n.a. 15.44 n.a. n.a. 15.65 n.a. n.a. 15.62 Accounts assessed interest 15.71 n.a. n.a. 15.41 n.a. n.a. 15.41 n.a. n.a. 15.64 n.a. n.a. 15.52 New car loans at auto finance companies Interest rates 10.84 10.52 9.74 9.86 9.77 9.64 9.37 9.53 9.81 10.49 10.52 10.40 10.31 Maturity (months) 54.5 53.6 51.8 52.3 51.8 51.5 50.8 50.4 50.5 51.4 51.9 52.5 52.3 Loan-to-value ratio 92 92 92 91 91 91 91 91 91 92 91 89 90 Amount financed (dollars) 16,583 17,034 16,698 16,627 16,520 16,605 16,686 16,854 16,926 16,927 17,182 17,435 17,719 -------------------------------------------------------------------------------------------------------------------------------------------- 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 _______________ _______________________________________________________________________________________ Nov. Dec. Jan. Feb. Mar. Apr. May June r July r Aug. r Sept. r Oct. r Nov. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ----------------------------------------------------------------------------------------------------------------------------------------- Total 1,101.4 1,131.9 1,123.8 1,122.1 1,125.8 1,133.4 1,141.0 1,149.5 1,160.7 1,173.6 1,180.7 1,185.0 1,198.5 Major holders Commercial banks 496.0 507.8 502.0 500.1 500.6 506.3 504.9 507.6 511.9 518.4 518.0 519.7 522.5 Finance companies 147.1 152.6 152.6 154.4 151.7 153.3 155.9 153.8 154.8 153.4 154.8 153.4 153.2 Credit unions 130.9 131.9 131.5 131.2 131.5 132.8 134.6 136.1 138.2 140.6 142.0 144.4 145.1 Savings institutions 40.5 40.1 40.2 40.4 40.7 41.1 41.6 41.1 42.1 42.2 43.0 43.8 44.6 Nonfinancial business 77.9 85.1 80.7 78.1 76.7 73.7 74.6 72.0 71.1 71.0 68.6 67.9 69.7 Pools of securitized assets 5 208.9 214.4 216.8 217.9 224.6 226.2 229.5 239.0 242.5 247.9 254.4 255.7 263.3 Major types of credit 6 Automobile 351.0 354.1 352.5 353.5 354.9 356.7 359.6 366.2 373.1 376.3 379.7 381.5 381.9 Commercial banks 148.0 149.1 148.2 147.7 148.5 150.1 150.5 152.9 154.6 156.0 155.4 155.6 156.0 Finance companies 68.2 70.6 71.4 73.3 72.1 73.8 74.3 74.3 75.7 74.4 76.3 75.9 75.3 Pools of securitized assets 5 44.7 44.4 42.6 41.8 43.0 40.7 41.2 45.3 46.4 47.4 47.8 47.7 47.9 Revolving 410.5 435.7 426.0 424.6 426.0 431.1 437.6 440.2 445.7 451.7 455.3 456.3 463.7 Commercial banks 197.1 210.3 200.1 198.9 196.8 201.1 203.4 204.0 207.9 211.0 213.8 214.6 215.0 Nonfinancial business 48.5 53.5 50.5 48.6 47.4 44.5 45.2 42.6 41.7 41.3 38.8 38.1 39.3 Pools of securitized assets 5 141.9 147.9 151.6 153.4 157.9 161.4 164.5 168.8 171.0 174.0 177.4 178.1 183.6 Other 339.8 342.2 345.4 343.9 345.0 345.6 343.8 343.1 341.8 345.6 345.7 347.2 352.9 Commercial banks 150.9 148.4 153.7 153.5 155.3 155.1 150.9 150.6 149.3 151.4 148.7 149.4 151.5 Finance companies 78.9 82.0 81.2 81.1 79.6 79.5 81.6 79.5 79.1 78.9 78.5 77.5 77.9 Nonfinancial business 29.4 31.5 30.2 29.5 29.3 29.2 29.5 29.4 29.4 29.8 29.8 29.8 30.4 Pools of securitized assets 5 22.3 22.1 22.6 22.7 23.7 24.1 23.8 24.8 25.1 26.5 29.2 29.9 31.8 ----------------------------------------------------------------------------------------------------------------------------------------- 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.