G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 July 1998 September 8, 1998 Consumer credit grew at a 5 percent annual rate in July, after increasing at an 8-1/2 percent rate in June. In July, automobile and "other" credit increased sharply, while revolving credit declined. Data in this release incorporate new seasonal adjustment factors for January 1993 onward. Historical data can be found on the Federal Reserve Board website (www.federalreserve.gov/releases/G19/hist). CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1997 1998 _______________________________________________ _______________________________________________________ July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. r Apr. r May r June r July p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 4.8 4.2 3.1 6.2 -3.0 5.9 1.8 4.5 6.2 3.8 1.8 8.4 5.0 Automobile 7.8 1.9 5.5 10.4 -3.8 17.9 5.7 4.3 8.6 4.5 4.1 8.3 9.7 Revolving 9.8 6.3 6.9 5.3 2.6 2.0 3.4 6.4 9.3 5.6 -1.2 9.4 -4.6 Other 3 -8.1 3.8 -6.9 2.1 -12.3 -3.9 -6.6 1.0 -2.9 -0.7 4.4 6.7 16.4 Amount: billions of dollars Total 1,216.4 1,220.7 1,223.9 1,230.2 1,227.1 1,233.1 1,235.0 1,239.6 1,246.0 1,249.9 1,251.9 1,260.7 1,266.0 Automobile 402.6 403.2 405.1 408.6 407.3 413.4 415.3 416.8 419.8 421.4 422.8 425.7 429.2 Revolving 521.0 523.8 526.8 529.1 530.3 531.1 532.7 535.5 539.7 542.2 541.7 545.9 543.8 Other 3 292.8 293.7 292.0 292.5 289.5 288.6 287.0 287.2 286.5 286.4 287.4 289.0 293.0 --------------------------------------------------------------------------------------------------------------------------------------- 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. 8.99 n.a. n.a. 8.96 n.a. n.a. 8.87 n.a. n.a. 8.69 n.a. n.a. 24-mo. personal n.a. 13.84 n.a. n.a. 14.50 n.a. n.a. 14.01 n.a. n.a. 13.76 n.a. n.a. Credit card plan All accounts n.a. 15.78 n.a. n.a. 15.65 n.a. n.a. 15.65 n.a. n.a. 15.67 n.a. n.a. Accounts assessed interest n.a. 15.81 n.a. n.a. 15.62 n.a. n.a. 15.33 n.a. n.a. 15.62 n.a. n.a. New car loans at auto finance companies Interest rates 6.71 5.93 6.12 7.27 6.85 5.93 6.12 6.98 5.94 6.20 6.07 6.02 6.25 Maturity (months) 54.6 55.5 55.4 54.4 53.7 53.5 52.8 52.6 51.5 50.7 50.8 50.9 51.7 Loan-to-value ratio 94 93 93 92 91 92 92 92 92 91 93 91 92 Amount financed (dollars) 18,281 18,329 18,520 18,779 18,923 19,121 18,944 18,825 18,932 18,922 18,793 18,878 19,084 --------------------------------------------------------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------------------------------------------------------- 1997 1998 _______________________________________________ _______________________________________________________ July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. r Apr. r May r June r July p --------------------------------------------------------------------------------------------------------------------------------------- Total 1,209.6 1,220.7 1,226.7 1,232.5 1,234.5 1,264.1 1,243.5 1,233.2 1,234.7 1,239.3 1,240.8 1,253.9 1,259.1 Major holders Commercial banks 514.5 516.2 507.5 506.3 506.5 512.6 499.3 492.5 492.2 500.2 497.4 491.5 491.8 Finance companies 156.4 157.2 158.4 156.9 156.4 160.0 159.5 155.7 156.5 154.3 153.6 154.3 156.4 Credit unions 148.8 149.3 150.0 150.6 150.6 152.4 151.0 149.8 149.3 149.1 149.8 149.4 150.4 Savings institutions 47.2 47.8 48.5 48.0 47.6 47.2 47.1 47.1 47.1 47.5 47.9 48.3 48.7 Nonfinancial business 67.6 68.6 68.7 68.5 70.5 78.9 75.3 72.8 72.8 65.1 65.2 65.3 65.5 Pools of securitized assets 5 275.2 281.6 293.5 302.2 302.9 313.1 311.1 315.3 316.8 323.1 326.9 345.1 346.3 Major types of credit 6 Automobile 404.0 405.7 408.8 413.5 411.1 417.0 413.6 412.2 415.5 416.1 418.4 425.5 430.8 Commercial banks 157.8 158.5 157.2 157.9 156.2 155.3 154.4 152.7 153.9 151.3 151.7 150.9 153.2 Finance companies 88.3 88.4 88.5 86.8 86.0 87.0 87.4 84.7 86.8 90.6 89.6 89.9 91.7 Pools of securitized assets 5 53.3 53.0 56.0 60.6 60.4 65.0 63.1 66.0 65.1 63.7 66.0 71.6 72.5 Revolving 515.1 520.8 524.3 527.5 532.9 555.9 541.1 535.5 534.4 536.0 536.0 540.1 537.6 Commercial banks 219.0 217.5 209.3 209.5 212.7 219.8 208.8 204.6 201.3 209.2 207.3 200.9 197.6 Finance companies 33.5 33.5 34.9 34.7 34.8 38.6 37.6 36.9 36.6 30.4 30.5 29.9 29.6 Nonfinancial business 36.8 37.6 37.7 37.5 38.9 45.0 42.7 41.0 41.2 33.5 33.4 33.5 33.8 Pools of securitized assets 5 196.5 202.4 212.4 215.7 216.4 221.5 221.8 223.4 226.2 233.7 235.3 245.6 246.0 Other 290.6 294.3 293.6 291.5 290.5 291.3 288.8 285.6 284.8 287.2 286.3 288.3 290.8 Commercial banks 137.7 140.2 141.0 138.9 137.5 137.5 136.2 135.2 137.0 139.8 138.4 139.7 140.9 Finance companies 34.7 35.2 35.0 35.3 35.5 34.4 34.5 34.1 33.0 33.4 33.5 34.4 35.0 Nonfinancial business 30.8 31.1 31.0 31.1 31.6 34.0 32.7 31.8 31.5 31.6 31.8 31.7 31.7 Pools of securitized assets 5 25.4 26.1 25.1 25.8 26.1 26.6 26.3 26.0 25.6 25.6 25.5 27.9 27.8 --------------------------------------------------------------------------------------------------------------------------------------- 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.