G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 December 1999 February 7, 2000 Consumer credit decelerated to a 9-3/4 percent annual rate of increase in December from a 13-3/4 percent pace in November. Nonrevolving credit growth fell from its November pace, but remained rapid, while revolving credit growth was little changed from November's brisk pace. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 1998 1999 _______ _______________________________________________________ 1995 1996 1997 1998 1999 p Q4 Q1 Q2 Q3 Q4 p Oct r Nov r Dec p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2 Total 14.1 7.9 4.4 5.4 7.6 5.3 4.5 4.5 5.6 9.4 4.6 13.8 9.7 Revolving 21.2 12.7 6.4 5.5 5.7 6.3 8.1 8.1 4.1 5.7 -0.5 9.0 8.4 Nonrevolving 3 9.7 4.6 2.9 5.3 8.9 4.6 1.9 1.9 6.6 12.2 8.4 17.3 10.6 Amount: billions of dollars Total 1096.0 1182.4 1234.1 1300.5 1398.8 1300.5 1347.8 1347.8 1366.6 1398.8 1371.8 1387.6 1398.8 Revolving 443.2 499.5 531.3 560.7 592.8 560.7 578.5 578.5 584.5 592.8 584.3 588.7 592.8 Nonrevolving 3 652.8 682.9 702.8 739.8 805.9 739.8 769.3 769.3 782.1 805.9 787.5 798.9 805.9 --------------------------------------------------------------------------------------------------------------------------------------- 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 9.57 9.05 9.02 8.72 8.44 8.62 8.30 8.30 8.44 8.66 n.a. 8.66 n.a. 24-mo. personal 13.94 13.54 13.90 13.74 13.39 13.75 13.26 13.26 13.38 13.52 n.a. 13.52 n.a. Credit card plan All accounts 15.90 15.63 15.77 15.71 15.21 15.69 15.21 15.21 15.08 15.13 n.a. 15.13 n.a. Accounts assessed interest 15.64 15.50 15.57 15.59 14.81 15.54 14.94 14.94 14.79 14.77 n.a. 14.77 n.a. New car loans at auto finance companies Interest Rates 11.19 9.84 7.12 6.30 6.66 6.52 6.56 6.56 6.48 7.27 7.07 7.44 7.32 Maturity (months) 54.1 51.6 54.1 52.1 52.7 52.7 52.5 52.5 51.9 53.5 53.2 53.9 53.4 Loan-to-Value Ratio 92 91 92 92 92 92 92 92 92 91 92 91 91 Amount financed (dollars) 16,210 16,987 18,077 19,083 19,880 19,507 19,565 19,565 20,013 20,517 20,335 20,517 20,699 --------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------- 1998 1999 _______ _______________________________________________________ 1995 1996 1997 1998 1999 p Q4 Q1 Q2 Q3 Q4 p Oct r Nov r Dec p ----------------------------------------------------------------------------------------------------------------------------------------- Total 1122.8 1211.6 1264.1 1331.7 1431.8 1331.7 1340.4 1340.4 1370.1 1431.8 1376.9 1394.2 1431.8 Major holders Total 1122.8 1211.6 1264.1 1331.7 1431.8 1331.7 1340.4 1340.4 1370.1 1431.8 1376.9 1394.2 1431.8 Commercial banks 502.0 526.8 512.6 508.9 506.4 508.9 477.8 477.8 472.5 506.4 473.5 482.4 506.4 Finance companies 152.1 152.4 160.0 168.5 177.4 168.5 173.6 173.6 173.0 177.4 174.1 175.3 177.4 Credit unions 131.9 144.1 152.4 155.4 170.1 155.4 158.2 158.2 164.1 170.1 165.9 167.9 170.1 Savings institutions 40.1 44.7 47.2 51.6 62.9 51.6 57.2 57.2 60.1 62.9 61.0 62.0 62.9 Nonfinancial business 85.1 77.7 78.9 74.9 80.2 74.9 68.0 68.0 67.5 80.2 68.0 70.3 80.2 Pools of securitized assets 5 211.6 265.8 313.1 372.4 434.7 372.4 405.6 405.6 433.0 434.7 434.5 436.4 434.7 Major types of credit 6 Revolving 464.1 522.9 555.9 586.5 620.2 586.5 572.5 572.5 581.4 620.2 583.0 591.1 620.2 Commercial banks 210.3 228.6 219.8 210.3 192.0 210.3 178.0 178.0 168.9 192.0 167.5 172.3 192.0 Finance companies 28.5 32.5 38.6 32.3 30.0 32.3 32.4 32.4 30.7 30.0 31.5 30.5 30.0 Credit unions 15.5 17.8 19.6 19.9 20.8 19.9 18.9 18.9 19.5 20.8 19.5 19.7 20.8 Savings institutions 8.4 10.3 11.4 12.5 14.1 12.5 12.8 12.8 13.5 14.1 13.7 13.9 14.1 Nonfinancial business 53.5 44.9 45.0 39.2 42.8 39.2 34.6 34.6 34.2 42.8 34.5 36.0 42.8 Pools of securitized assets 5 147.9 188.7 221.5 272.3 320.4 272.3 295.8 295.8 314.6 320.4 316.5 318.5 320.4 Nonrevolving 658.7 688.7 708.2 745.2 811.6 745.2 768.0 768.0 788.7 811.6 793.9 803.2 811.6 Commercial banks 291.7 298.2 292.7 298.6 314.4 298.6 299.7 299.7 303.6 314.4 306.0 310.0 314.4 Finance companies 123.7 119.9 121.4 136.2 147.4 136.2 141.2 141.2 142.2 147.4 142.6 144.8 147.4 Credit unions 116.5 126.3 132.8 135.5 149.2 135.5 139.3 139.3 144.6 149.2 146.5 148.1 149.2 Savings institutions 31.7 34.4 35.7 39.2 48.8 39.2 44.4 44.4 46.6 48.8 47.3 48.1 48.8 Nonfinancial business 31.5 32.8 34.0 35.7 37.5 35.7 33.4 33.4 33.3 37.5 33.4 34.3 37.5 Pools of securitized assets 5 63.7 77.1 91.6 100.1 114.3 100.1 109.9 109.9 118.4 114.3 118.0 117.9 114.3 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 automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, 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.