Federal Reserve Statistical Release, G.19, Consumer Credit; title with eagle logo links to Statistical Release home page


Release Date: October 07, 1998

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G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time)
1 August 1998 October 7, 1998
 

Consumer credit grew at about a 4-1/2 percent annual rate in August, slightly slower than its 5-1/4 percent rate in July. In August,
growth of automobile and revolving credit increased, while "other" credit declined.
 

 

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
  1997 1998
  Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July r Aug. p
Percent change at annual rate 2 
  Total                              4.2      3.1      6.2     -3.0      5.9      1.8      4.5      6.2      3.8      1.8      8.4      5.2      4.4 
   Automobile                        1.9      5.5     10.4     -3.8     17.9      5.7      4.3      8.6      4.5      4.1      8.3      6.2     10.8 
   Revolving                         6.3      6.9      5.3      2.6      2.0      3.4      6.4      9.3      5.6     -1.2      9.4     -4.8      4.8 
   Other 3                           3.8     -6.9      2.1    -12.3     -3.9     -6.6      1.0     -2.9     -0.7      4.4      6.7     22.8     -5.8 
                                
Amount: billions of dollars                               
  Total                          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  1,266.2  1,270.8 
   Automobile                      403.2    405.1    408.6    407.3    413.4    415.3    416.8    419.8    421.4    422.8    425.7    427.9    431.8 
   Revolving                       523.8    526.8    529.1    530.3    531.1    532.7    535.5    539.7    542.2    541.7    545.9    543.7    545.9 
   Other 3                         293.7    292.0    292.5    289.5    288.6    287.0    287.2    286.5    286.4    287.4    289.0    294.5    293.1 
              
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                   8.99     n.a.     n.a.     8.96     n.a.     n.a.     8.87     n.a.     n.a.     8.69     n.a.     n.a.     8.71 
   24-mo. personal              
   Credit card plan             
  13.84     n.a.     n.a.    14.50     n.a.     n.a.    14.01     n.a.     n.a.    13.76     n.a.     n.a.    13.45 
    All accounts                   15.78     n.a.     n.a.    15.65     n.a.     n.a.    15.65     n.a.     n.a.    15.67     n.a.     n.a.    15.83 
    Accounts assessed interest     15.81     n.a.     n.a.    15.62     n.a.     n.a.    15.33     n.a.     n.a.    15.62     n.a.     n.a.    15.85 
                
New car loans at auto finance companies                                                                                 
  Interest rates                    5.93     6.12     7.27     6.85     5.93     6.12     6.98     5.94     6.20     6.07     6.02     6.25     6.00 
  Maturity (months)                 55.5     55.4     54.4     53.7     53.5     52.8     52.6     51.5     50.7     50.8     50.9     51.7     53.0 
  Loan-to-value ratio                 93       93       92       91       92       92       92       92       91       93       91       92       93 
  Amount financed (dollars)       18,329   18,520   18,779   18,923   19,121   18,944   18,825   18,932   18,922   18,793   18,878   19,084   19,068 
Footnotes appear on reverse.
 

 

 

1
CONSUMER CREDIT OUTSTANDING
(Billions of dollars)
Not seasonally adjusted
 

  1997 1998
  Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July r Aug. p
Total                            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  1,259.3  1,271.0 
                                                          
Major holders                                             
Commercial banks                   516.2    507.5    506.3    506.5    512.6    499.3    492.5    492.2    500.2    497.4    491.5    491.8    498.8 
Finance companies                  157.2    158.4    156.9    156.4    160.0    159.5    155.7    156.5    154.3    153.6    154.3    156.4    160.2 
Credit unions                      149.3    150.0    150.6    150.6    152.4    151.0    149.8    149.3    149.1    149.8    149.4    150.7    151.2 
Savings institutions                47.8     48.5     48.0     47.6     47.2     47.1     47.1     47.1     47.5     47.9     48.3     48.7     49.2 
Nonfinancial business               68.6     68.7     68.5     70.5     78.9     75.3     72.8     72.8     65.1     65.2     65.3     65.5     66.0 
Pools of securitized assets 5      281.6    293.5    302.2    302.9    313.1    311.1    315.3    316.8    323.1    326.9    345.1    346.3    345.7 
                                                          
Major types of credit 6                                   
Automobile                         405.7    408.8    413.5    411.1    417.0    413.6    412.2    415.5    416.1    418.4    425.5    429.6    434.5 
 Commercial banks                  158.5    157.2    157.9    156.2    155.3    154.4    152.7    153.9    151.3    151.7    150.9    153.2    155.5 
 Finance companies                  88.4     88.5     86.8     86.0     87.0     87.4     84.7     86.8     90.6     89.6     89.9     91.7     95.3 
 Pools of securitized assets 5      53.0     56.0     60.6     60.4     65.0     63.1     66.0     65.1     63.7     66.0     71.6     72.5     70.8 
                                                          
Revolving                          520.8    524.3    527.5    532.9    555.9    541.1    535.5    534.4    536.0    536.0    540.1    537.5    542.8 
 Commercial banks                  217.5    209.3    209.5    212.7    219.8    208.8    204.6    201.3    209.2    207.3    200.9    197.6    200.4 
 Finance companies                  33.5     34.9     34.7     34.8     38.6     37.6     36.9     36.6     30.4     30.5     29.9     29.6     30.2 
 Nonfinancial business              37.6     37.7     37.5     38.9     45.0     42.7     41.0     41.2     33.5     33.4     33.5     33.8     34.0 
 Pools of securitized assets 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    247.4 
                                                          
Other                              294.3    293.6    291.5    290.5    291.3    288.8    285.6    284.8    287.2    286.3    288.3    292.3    293.8 
 Commercial banks                  140.2    141.0    138.9    137.5    137.5    136.2    135.2    137.0    139.8    138.4    139.7    140.9    142.8 
 Finance companies                  35.2     35.0     35.3     35.5     34.4     34.5     34.1     33.0     33.4     33.5     34.4     35.0     34.7 
 Nonfinancial business              31.1     31.0     31.1     31.6     34.0     32.7     31.8     31.5     31.6     31.8     31.7     31.7     32.0 
 Pools of securitized assets 5      26.1     25.1     25.8     26.1     26.6     26.3     26.0     25.6     25.6     25.5     27.9     27.8     27.5 
 

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.


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