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

Release Date: September 08, 2004
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G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time)
1 July 2004 September 8, 2004
 

Consumer credit increased at an annual rate of 2-1/4 percent in the second quarter of 2004. Revolving credit contracted and
nonrevolving credit posted a moderate gain. In July, consumer credit increased at an annual rate of about 6-1/2 percent.
 

 

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
            2003 2004
  1999 2000 2001 2002 2003 Q2 Q3 Q4 Q1 r Q2 r May r Jun r Jul p
Percent change at annual rate 2,3 
  Total                            7.6     10.6      8.0      4.2      4.3      5.2      5.3      2.2      6.3      2.2      2.7      2.6      6.4 
   Revolving                       4.0     11.4      6.6      1.4      2.1      0.7      2.5      1.8      5.5     -3.1     -1.0     -0.2      9.0 
   Nonrevolving 4                 10.1     10.1      9.0      5.9      5.6      8.0      6.9      2.4      6.7      5.3      4.8      4.1      5.0 
                           
Amount: billions of dollars       
  Total                         1519.9   1692.6   1828.8   1905.0   1986.7   1949.9   1975.7   1986.7   2017.8   2029.0   2024.7   2029.0   2039.9 
   Revolving                     597.1    665.2    708.9    719.1    734.1    726.1    730.7    734.1    744.2    738.5    738.6    738.5    744.1 
   Nonrevolving 4                922.8   1027.4   1119.9   1185.9   1252.6   1223.8   1245.0   1252.6   1273.6   1290.5   1286.1   1290.5   1295.9 
              
TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5                                                             
Percent except as noted: not seasonally adjusted                                                                        
Institution, terms, and type of loan                                                                                    
Commercial banks                                                                                                        
     Interest rates                                                                                                     
   48-mo. new car                 8.44     9.34     8.50     7.62     6.93     7.05     6.75     6.82     6.72     6.47     6.47      n.a.     n.a.
   24-mo. personal             
        Credit card plan       
 13.39    13.90    13.22    12.54    11.95    12.19    11.95    11.97    11.88    11.80    11.80      n.a.     n.a.
    All accounts                 15.21    15.71    14.89    13.43    12.74    12.90    12.49    12.36    12.66    12.68    12.68      n.a.     n.a.
    Accounts assessed interest   14.81    14.91    14.44    13.09    12.92    12.82    13.11    12.91    12.41    12.93    12.93      n.a.     n.a.
                
New car loans at auto finance companies                                                                                 
  Interest rates                  6.66     6.61     5.65     4.29     3.40     2.61     3.55     3.80     3.24     3.65     3.32     4.02     5.25 
  Maturity (months)               52.7     54.9     55.1     56.8     61.4     61.1     63.0     62.5     59.7     60.2     60.2     60.6     60.9 
  Loan-to-value ratio               92       92       91       94       95       97       94       94       94       92       92       91       89 
  Amount financed (dollars)     19,880   20,923   22,822   24,747   26,295   27,468   25,733   26,493   26,470   25,525   25,854   24,804   23,821 
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
            2003 2004
  1999 2000 2001 2002 2003 Q2 Q3 Q4 Q 1 r Q Q2 r May r Jun r Jul p
Total                              1550.2   1726.5   1865.2   1942.6   2025.5   1940.0   1977.5   2025.5   2005.3   2018.6   2015.8   2018.6   2027.1 
                                                           
Major holders                                              
Total                              1550.2   1726.5   1865.2   1942.6   2025.5   1940.0   1977.5   2025.5   2005.3   2018.6   2015.8   2018.6   2027.1 
Commercial banks                    499.8    541.5    558.4    587.2    636.4    584.2    593.7    636.4    624.7    625.8    632.7    625.8    626.6 
Finance companies                   201.6    220.5    238.1    237.8    295.4    244.3    284.0    295.4    307.4    324.7    320.1    324.7    329.3 
Credit unions                       167.9    184.4    189.6    195.7    205.9    198.9    203.4    205.9    207.6    212.9    210.0    212.9    216.0 
Federal government and Sallie Mae    84.7    104.0    119.5    129.6    114.6    120.4    122.5    114.6    109.8     94.8     99.8     94.8     94.5 
Savings institutions                 61.7     64.8     71.1     68.7     77.9     73.8     72.7     77.9     81.5     88.4     86.1     88.4     89.2 
Nonfinancial business                86.0     90.0     88.8     86.5     70.3     75.1     74.7     70.3     62.1     62.4     63.5     62.4     61.9 
Pools of securitized assets 6       448.4    521.3    599.7    637.1    625.0    643.3    626.6    625.0    612.3    609.6    603.6    609.6    609.6 
              
Major types of credit 7                        
Revolving                           621.1    691.7    737.0    747.5    763.1    725.5    726.1    763.1    736.3    737.9    737.9    737.9    741.2 
   Commercial banks                 189.4    218.1    224.9    231.0    260.1    217.5    215.5    260.1    243.3    248.7    251.7    248.7    250.1 
   Finance companies                 32.5     37.6     31.5     38.9     37.6     34.6     37.3     37.6     37.6     39.9     37.7     39.9     41.4 
   Credit unions                     20.6     22.2     22.3     22.2     22.4     21.1     21.3     22.4     21.5     21.5     21.3     21.5     21.7 
   Federal government and Sallie      n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.     n.a.
   Savings institutions              15.4     16.6     17.9     16.3     23.8     19.1     19.5     23.8     21.9     23.2     22.8     23.2     22.3 
   Nonfinancial business             48.5     49.8     50.6     48.8     26.5     36.4     35.9     26.5     20.7     21.0     21.8     21.0     20.4 
   Pools of securitized assets 6    314.8    347.4    389.7    390.3    392.7    396.8    396.5    392.7    391.2    383.7    382.7    383.7    385.4 
              
Nonrevolving                        929.1   1034.8   1128.2   1195.0   1262.5   1214.5   1251.4   1262.5   1269.0   1280.6   1277.9   1280.6   1285.9 
   Commercial banks                 310.4    323.4    333.5    356.2    376.4    366.7    378.1    376.4    381.4    377.1    381.0    377.1    376.6 
   Finance companies                169.2    182.9    206.6    198.8    257.8    209.6    246.7    257.8    269.8    284.8    282.5    284.8    288.0 
   Credit unions                    147.3    162.2    167.3    173.5    183.5    177.8    182.1    183.5    186.1    191.4    188.7    191.4    194.2 
   Federal government and Sallie     84.7    104.0    119.5    129.6    114.6    120.4    122.5    114.6    109.8     94.8     99.8     94.8     94.5 
   Savings institutions              46.3     48.2     53.2     52.4     54.0     54.6     53.2     54.0     59.5     65.2     63.4     65.2     66.9 
   Nonfinancial business             37.5     40.2     38.2     37.7     43.8     38.7     38.7     43.8     41.3     41.5     41.7     41.5     41.5 
   Pools of securitized assets 6    133.6    173.9    209.9    246.8    232.3    246.6    230.1    232.3    221.1    225.8    220.9    225.8    224.3 
1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
revised from January 1998 forward as a result of new seasonal factors.
2. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data.
Growth rates are adjusted to exclude the effect of such breaks.
3. Percent changes are at a simple annual rate and are calculated from unrounded data.
4. 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.
5. 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.
6. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of
the loan originators.
7. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised. p=preliminary.


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