G.19                                                        CONSUMER CREDIT                                                October 2004
                                                 For release at 3 p.m. (Eastern Time)                                  December 7, 2004

In October, consumer credit rose at an annual rate of 4-1/2 percent.  Revolving credit edged up at an annual rate of 1-3/4 percent,
while nonrevolving credit moved up at a 6 percent pace.

CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted

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

1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
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. The level of revolving credit has been revised upwards from November 1995 to the present because some commercial banks reclassified
their balance sheet holdings of the seller's interest portion of securitized credit card loans.
5. Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats,
trailers, or vacations. These loans may be secured or unsecured.
6. 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.
7. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of
the loan originators.
8. Includes estimates for holders that do not separately report consumer credit holding by type.
r=revised.  p=preliminary.

Statistical releases