pre.
Consumer credit grew at an annual rate of 3 percent in August, down from a
7 percent rate in July. In August, revolving credit increased
moderately while nonrevolving credit posted only a slight gain.
CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
—————————————————————————-
———————————————————–
2001 2002
___
___ ::::___ :::::::____
1997 1998 1999 2000 2001
r Q2 Q3 Q4 r Q1 r Q2 r Jun r Jul r Aug p
—————————————————————————-
———————————————————–
Percent change at annual rate 2,3
Total 4.9 6.0 7.5 10.2 6.9
4.9 4.0 9.1 5.1 6.4 6.5 7.0 2.9
Revolving 6.4 5.9 6.3 11.5 5.0
5.9 1.3 0.9 2.3 6.7 6.0 10.6 6.5
Nonrevolving
4 3.8 6.1 8.4 9.2 8.3 4.2 5.9
15.2 7.1 6.1 6.9 4.5 0.3
Amount: billions of dollars
Total 1243.0 1317.5 1416.3 1560.6 1667.9
1615.0 1631.0 1667.9 1689.1 1716.0 1716.0 1726.0 1730.2
Revolving 531.0 562.5 597.7 666.6 699.9
696.0 698.3 699.9 703.9 715.6 715.6 722.0 725.9
Nonrevolving
4 712.0 755.0 818.6 894.0 968.1 919.0 932.7
968.1 985.3 1000.4 1000.4 1004.1 1004.3
—————————————————————————-
———————————————————–
TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5
Percent except as noted: not seasonally adjusted
—————————————————————————-
———————————————————–
Institution, terms, and type of loan
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———————————————————–
Commercial banks
Interest rates
48-mo. new
car 9.02 8.72 8.44 9.34 8.50 8.67 8.31
7.86 7.50 7.74 n.a. n.a. 5.95
24-mo.
personal 13.90 13.74 13.39 13.90 13.22 13.28
13.25 12.62 11.72 12.57 n.a. n.a. 11.28
Credit card plan
All
accounts 15.77 15.71 15.21 15.71 14.89 15.07
14.60 14.22 13.65 13.55 n.a. n.a. 13.37
Accounts assessed
interest 15.57 15.59 14.81 14.91 14.44 14.63 14.64 13.88
12.98 13.34 n.a. n.a. 13.26
New car loans at auto finance companies
Interest
rates 7.12 6.30 6.66 6.61 5.65 6.50 6.01
2.97 5.32 5.98 6.29 3.50 2.23
Maturity
(months) 54.1 52.1 52.7 54.9 55.1 56.8 57.4
51.1 53.9 57.3 58.6 59.1 59.4
Loan-to-value
ratio 92 92 92 92 91 91 92
92 90 92 92 95 96
Amount financed
(dollars) 18,077 19,083 19,880 20,923 22,822 21,969 22,775
24,729 23,314 23,325 23,115 24,802 26,208
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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
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————————————————————-
2001 2002
_
_ ::::___ :::::::____
1997 1998 1999 2000 2001
r Q2 Q3 Q4 r Q1 r Q2 r Jun r Jul r Aug p
—————————————————————————-
————————————————————-
Total 1271.6 1346.6 1446.1 1593.1 1701.9
1608.2 1629.3 1701.9 1678.0 1708.8 1708.8 1716.8 1732.0
Major holders
Total 1271.6 1346.6 1446.1 1593.1 1701.9
1608.2 1629.3 1701.9 1678.0 1708.8 1708.8 1716.8 1732.0
Commercial
banks 512.6 508.9 499.8 541.5 558.4 540.2
536.2 558.4 550.7 557.3 557.3 558.2 574.2
Finance
companies 167.5 183.3 201.5 219.8 236.6 214.3
220.9 236.6 232.4 236.3 236.3 241.8 238.0
Credit
unions 152.4 155.4 167.9 184.4 189.6 186.4
187.3 189.6 187.7 192.3 192.3 194.8 196.2
Savings
institutions 47.2 51.6 61.5 64.6 69.1 65.3
68.5 69.1 68.6 66.0 66.0 69.3 70.0
Nonfinancial
business 78.9 74.9 80.3 82.7 68.0 68.0 60.2
68.0 58.1 53.0 53.0 51.3 52.2
Pools of securitized assets
6 313.1 372.4 435.1 500.1 580.3 533.9 556.1 580.3
580.5 603.9 603.9 601.4 601.5
Major types of credit 7
Revolving 554.2 586.2 621.9 693.0 727.3
693.2 693.3 727.3 697.7 713.0 713.0 715.1 722.6
Commercial
banks 219.8 210.3 189.4 218.1 224.9 212.5 202.9
224.9 216.1 215.9 215.9 215.0 226.4
Finance
companies 37.0 31.9 32.5 37.6 31.5 36.9
36.0 31.5 28.0 32.1 32.1 36.1 35.6
Credit
unions 19.6 19.9 20.6 22.2 22.3 21.3
21.6 22.3 20.8 21.0 21.0 21.2 21.2
Savings
institutions 11.4 12.5 15.8 16.6 17.8 16.4
16.9 17.8 17.0 17.7 17.7 17.4 17.9
Nonfinancial
business 45.0 39.2 42.8 42.4 29.8 31.4 25.2
29.8 22.4 17.9 17.9 16.5 16.7
Pools of securitized assets
6 221.5 272.3 320.8 356.1 401.1 374.8 390.7 401.1 393.4
408.4 408.4 408.9 404.7
Nonrevolving 717.4 760.4 824.2 900.1 974.6
915.0 936.0 974.6 980.3 995.8 995.8 1001.6 1009.4
Commercial
banks 292.7 298.6 310.4 323.4 333.5 327.8 333.3
333.5 334.6 341.5 341.5 343.2 347.7
Finance
companies 130.5 151.4 169.1 182.2 205.0 177.4
185.0 205.0 204.4 204.1 204.1 205.7 202.4
Credit
unions 132.8 135.5 147.3 162.2 167.3 165.1
165.7 167.3 166.9 171.3 171.3 173.5 175.0
Savings
institutions 35.7 39.2 45.7 48.0 51.3 49.0
51.6 51.3 51.6 48.3 48.3 51.9 52.1
Nonfinancial
business 34.0 35.7 37.5 40.2 38.2 36.6 35.0
38.2 35.7 35.2 35.2 34.9 35.4
Pools of securitized assets
6 91.6 100.1 114.2 144.0 179.2 159.1 165.4 179.2 187.1
195.4 195.4 192.5 196.8
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 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.
