G.19 CONSUMER CREDIT For release at 3 p.m.(Eastern Time) 1 January 1997 March 7, 1997 Consumer credit outstanding grew at an 8.4 percent seasonally adjusted annual rate in January, following a downward revised 3.9 percent rise in December. Revolving credit increased at its most rapid pace in 16 months; growth of auto credit continued moderate, and the level of 'other' credit outstanding declined. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________________________________________________________________________________ _______ Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. r Nov. r Dec. r Jan. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 8.5 11.9 12.0 9.0 6.8 7.1 14.6 8.6 1.1 7.4 4.9 3.9 8.4 Automobile 7.2 9.6 9.5 8.6 3.8 17.9 19.1 -0.1 3.1 7.3 -0.4 2.2 3.8 Revolving 14.8 19.2 15.8 18.1 15.3 5.4 15.0 8.6 -1.4 7.0 10.6 5.2 20.6 Other 3 2.0 5.3 9.7 -2.1 -0.9 -2.1 9.2 18.0 2.4 8.1 3.2 3.9 -2.6 Amount: billions of dollars Total 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 1,185.9 1,190.8 1,194.6 1,203.0 Automobile 352.9 355.8 358.6 361.2 362.3 367.7 373.6 373.5 374.5 376.8 376.7 377.3 378.6 Revolving 419.0 425.7 431.3 437.9 443.5 445.4 451.0 454.3 453.7 456.4 460.4 462.4 470.3 Other 3 339.1 340.6 343.4 342.8 342.5 341.9 344.5 349.7 350.4 352.8 353.7 354.8 354.1 -------------------------------------------------------------------------------------------------------------------------------------------- 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. 9.12 n.a. n.a. 8.93 n.a. n.a. 9.11 n.a. n.a. 9.03 n.a. n.a. 24-mo. personal n.a. 13.63 n.a. n.a. 13.52 n.a. n.a. 13.37 n.a. n.a. 13.62 n.a. n.a. Credit card plan All accounts n.a. 15.82 n.a. n.a. 15.44 n.a. n.a. 15.65 n.a. n.a. 15.62 n.a. n.a. Accounts assessed interest n.a. 15.41 n.a. n.a. 15.41 n.a. n.a. 15.64 n.a. n.a. 15.52 n.a. n.a. New car loans at auto finance companies Interest rates 9.74 9.86 9.77 9.64 9.37 9.53 9.81 10.49 10.52 10.40 10.31 8.60 7.17 Maturity (months) 51.8 52.3 51.8 51.5 50.8 50.4 50.5 51.4 51.9 52.5 52.3 52.3 55.1 Loan-to-value ratio 92 91 91 91 91 91 91 92 91 89 90 90 92 Amount financed (dollars) 16,698 16,627 16,520 16,605 16,686 16,854 16,926 16,927 17,182 17,435 17,719 17,670 17,090 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 _______________________________________________________________________________________________ _______ Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. r Nov. r Dec. r Jan. p ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ----------------------------------------------------------------------------------------------------------------------------------------- Total 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 1,187.7 1,198.6 1,226.3 1,214.1 Major holders Commercial banks 499.4 497.2 497.7 503.9 502.3 505.7 510.2 516.7 517.1 519.5 519.8 528.2 524.6 Finance companies 152.6 154.4 151.7 153.3 155.9 153.8 154.8 153.4 154.8 153.4 153.2 154.2 154.5 Credit unions 131.5 131.2 131.5 132.8 134.6 136.1 138.2 140.6 142.0 144.4 145.1 146.3 146.4 Savings institutions 40.2 40.4 40.7 41.1 41.6 41.1 43.0 44.0 44.9 45.9 46.8 47.8 47.0 Nonfinancial business 80.7 78.1 76.7 73.7 74.6 72.0 69.9 71.0 68.5 67.9 69.7 79.6 75.5 Pools of securitized assets 5 216.8 217.9 224.6 226.2 229.5 239.3 243.1 248.6 255.3 256.5 264.1 270.2 266.1 Major types of credit 6 Automobile 352.5 353.5 354.9 356.7 359.6 366.2 372.4 375.0 377.9 381.1 380.8 381.0 378.1 Commercial banks 148.2 147.7 148.5 150.1 150.5 152.9 153.9 154.5 153.1 154.6 154.3 153.2 152.7 Finance companies 71.4 73.3 72.1 73.8 74.3 74.3 75.7 74.4 76.3 75.9 75.3 73.2 73.6 Pools of securitized assets 5 42.6 41.8 43.0 40.7 41.2 45.3 46.4 47.5 48.1 48.0 48.2 51.2 48.2 Revolving 426.0 424.6 426.0 431.1 437.6 440.6 444.7 451.3 453.7 455.9 464.1 486.6 477.9 Commercial banks 200.1 198.9 196.8 201.1 203.4 204.0 207.3 209.8 211.2 213.2 214.2 223.1 219.1 Nonfinancial business 50.5 48.6 47.4 44.5 45.2 42.6 40.5 41.3 38.8 38.1 39.3 46.9 43.9 Pools of securitized assets 5 151.6 153.4 157.9 161.4 164.5 169.2 171.6 174.6 178.0 178.6 184.0 188.7 187.9 Other 342.9 341.1 342.1 343.2 341.3 341.1 342.4 348.0 351.1 350.7 353.8 358.7 358.0 Commercial banks 151.2 150.6 152.4 152.7 148.4 148.7 149.1 152.5 152.8 151.8 151.3 152.0 152.8 Finance companies 81.2 81.1 79.6 79.5 81.6 79.5 79.1 78.9 78.5 77.5 77.9 81.0 80.9 Nonfinancial business 30.2 29.5 29.3 29.2 29.5 29.4 29.4 29.7 29.7 29.8 30.4 32.7 31.6 Pools of securitized assets 5 22.6 22.7 23.7 24.1 23.8 24.8 25.1 26.5 29.2 29.9 31.8 30.3 30.0 ----------------------------------------------------------------------------------------------------------------------------------------- 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.