G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time) 1 December 1996 February 7, 1997 Consumer credit outstanding grew at a 4.9 percent seasonally adjusted annual rate in December, following a downward revised 5.1 percent gain in November. Revolving credit growth slowed, while growth in closed-end loans (auto plus "other") picked up from the November pace. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- 1995 1996 _______ _______________________________________________________________________________________________ Dec. Jan. r Feb. r Mar. r Apr. r May r June r July r Aug. r Sept. r Oct. r Nov. r Dec. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 9.8 8.5 11.9 12.0 9.0 6.8 7.1 14.6 8.6 1.1 7.0 5.1 4.9 Automobile 12.5 7.2 9.6 9.5 8.6 3.8 17.9 19.1 -0.1 3.1 7.3 -0.3 1.9 Revolving 19.2 14.8 19.2 15.8 18.1 15.3 5.4 15.0 8.6 -1.4 7.0 10.6 6.2 Other 3 -4.2 2.0 5.3 9.7 -2.1 -0.9 -2.1 9.2 18.0 2.4 6.5 3.9 6.3 Amount: billions of dollars Total 1,103.3 1,111.1 1,122.1 1,133.3 1,141.8 1,148.3 1,155.1 1,169.1 1,177.5 1,178.6 1,185.4 1,190.5 1,195.4 Automobile 350.8 352.9 355.8 358.6 361.2 362.3 367.7 373.6 373.5 374.5 376.8 376.7 377.3 Revolving 413.9 419.0 425.7 431.3 437.9 443.5 445.4 451.0 454.3 453.7 456.4 460.4 462.8 Other 3 338.6 339.1 340.6 343.4 342.8 342.5 341.9 344.5 349.7 350.4 352.3 353.5 355.3 -------------------------------------------------------------------------------------------------------------------------------------------- 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. 9.12 n.a. n.a. 8.93 n.a. n.a. 9.11 n.a. n.a. 9.03 n.a. 24-mo. personal n.a. n.a. 13.63 n.a. n.a. 13.52 n.a. n.a. 13.37 n.a. n.a. 13.62 n.a. Credit card plan All accounts n.a. n.a. 15.82 n.a. n.a. 15.44 n.a. n.a. 15.65 n.a. n.a. 15.62 n.a. Accounts assessed interest n.a. n.a. 15.41 n.a. n.a. 15.41 n.a. n.a. 15.64 n.a. n.a. 15.52 n.a. New car loans at auto finance companies Interest rates 10.52 9.74 9.86 9.77 9.64 9.37 9.53 9.81 10.49 10.52 10.40 10.31 9.25 Maturity (months) 53.6 51.8 52.3 51.8 51.5 50.8 50.4 50.5 51.4 51.9 52.5 52.3 52.3 Loan-to-value ratio 92 92 91 91 91 91 91 91 92 91 89 90 90 Amount financed (dollars) 17,034 16,698 16,627 16,520 16,605 16,686 16,854 16,926 16,927 17,182 17,435 17,719 17,670 -------------------------------------------------------------------------------------------------------------------------------------------- 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 _______ _______________________________________________________________________________________________ Dec. Jan. r Feb. r Mar. r Apr. r May r June r July r Aug. r Sept. r Oct. r Nov. r Dec. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ----------------------------------------------------------------------------------------------------------------------------------------- Total 1,131.9 1,121.3 1,119.2 1,123.0 1,131.1 1,138.5 1,147.9 1,159.4 1,174.3 1,182.6 1,187.2 1,198.4 1,227.1 Major holders Commercial banks 507.8 499.4 497.2 497.7 503.9 502.3 505.7 510.2 516.7 517.1 519.0 519.6 528.2 Finance companies 152.6 152.6 154.4 151.7 153.3 155.9 153.8 154.8 153.4 154.8 153.4 153.2 154.5 Credit unions 131.9 131.5 131.2 131.5 132.8 134.6 136.1 138.2 140.6 142.0 144.4 145.1 146.4 Savings institutions 40.1 40.2 40.4 40.7 41.1 41.6 41.1 43.0 44.0 44.9 45.9 46.8 47.8 Nonfinancial business 85.1 80.7 78.1 76.7 73.7 74.6 72.0 69.9 71.0 68.5 67.9 69.7 79.6 Pools of securitized assets 5 214.4 216.8 217.9 224.6 226.2 229.5 239.3 243.1 248.6 255.3 256.5 264.1 270.6 Major types of credit 6 Automobile 354.1 352.5 353.5 354.9 356.7 359.6 366.2 372.4 375.0 377.9 381.1 380.8 380.9 Commercial banks 149.1 148.2 147.7 148.5 150.1 150.5 152.9 153.9 154.5 153.1 154.6 154.3 152.9 Finance companies 70.6 71.4 73.3 72.1 73.8 74.3 74.3 75.7 74.4 76.3 75.9 75.3 73.5 Pools of securitized assets 5 44.4 42.6 41.8 43.0 40.7 41.2 45.3 46.4 47.5 48.1 48.0 48.2 51.1 Revolving 435.7 426.0 424.6 426.0 431.1 437.6 440.6 444.7 451.3 453.7 455.9 464.1 487.0 Commercial banks 210.3 200.1 198.9 196.8 201.1 203.4 204.0 207.3 209.8 211.2 213.2 214.2 223.0 Nonfinancial business 53.5 50.5 48.6 47.4 44.5 45.2 42.6 40.5 41.3 38.8 38.1 39.3 46.9 Pools of securitized assets 5 147.9 151.6 153.4 157.9 161.4 164.5 169.2 171.6 174.6 178.0 178.6 184.0 189.1 Other 342.2 342.9 341.1 342.1 343.2 341.3 341.1 342.4 348.0 351.1 350.3 353.5 359.2 Commercial banks 148.4 151.2 150.6 152.4 152.7 148.4 148.7 149.1 152.5 152.8 151.3 151.0 152.3 Finance companies 82.0 81.2 81.1 79.6 79.5 81.6 79.5 79.1 78.9 78.5 77.5 77.9 81.0 Nonfinancial business 31.5 30.2 29.5 29.3 29.2 29.5 29.4 29.4 29.7 29.7 29.8 30.4 32.7 Pools of securitized assets 5 22.1 22.6 22.7 23.7 24.1 23.8 24.8 25.1 26.5 29.2 29.9 31.8 30.3 ----------------------------------------------------------------------------------------------------------------------------------------- 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.