Consumer credit grew at a 10-1/2 percent annual rate in February, down from a 12-1/2 percent increase in January.
Revolving credit growth picked up in February while nonrevolving credit growth slowed.
CONSUMER CREDIT OUTSTANDING 1
Seasonally adjusted
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1999 2000 2001
_______ _______________________________________ _______________
1996 1997 1998 1999 2000 r Q4 Q1 Q2 Q3 Q4 r Dec r Jan r Feb p
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Percent change at annual rate 2,3
Total 7.9 4.4 5.4 7.1 9.5 8.0 10.2 9.4 8.2 8.9 5.7 12.5 10.5
Revolving 12.7 6.4 5.5 6.3 10.9 7.7 13.3 12.5 9.2 6.9 5.0 11.6 19.9
Nonrevolving 4 4.7 3.0 5.3 7.8 8.5 8.3 7.9 7.1 7.5 10.4 6.3 13.2 3.3
Amount: billions of dollars
Total 1182.6 1234.5 1301.0 1393.7 1534.0 1393.7 1429.2 1462.8 1492.9 1534.0 1534.0 1550.0 1563.5
Revolving 499.4 531.2 560.5 595.6 663.4 595.6 615.5 634.7 649.3 663.4 663.4 669.8 680.9
Nonrevolving 4 683.1 703.3 740.5 798.0 870.6 798.0 813.7 828.2 843.6 870.6 870.6 880.2 882.6
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TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 4
Percent except as noted: not seasonally adjusted
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Institution, terms, and type of loan
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Commercial banks
Interest rates
48-mo. new car 9.05 9.02 8.72 8.44 9.34 8.66 8.88 9.21 9.62 9.63 n.a. n.a. 9.17
24-mo. personal 13.54 13.90 13.74 13.39 13.90 13.52 13.76 13.88 13.85 14.12 n.a. n.a. 13.71
Credit card plan
All accounts 15.63 15.77 15.71 15.21 15.71 15.13 15.47 15.39 15.98 15.99 n.a. n.a. 15.66
Accounts assessed interest 15.50 15.57 15.59 14.81 14.91 14.77 14.32 14.74 15.35 15.23 n.a. n.a. 14.61
New car loans at auto finance companies
Interest Rates 9.84 7.12 6.30 6.66 6.61 7.27 7.09 6.43 7.06 5.87 7.45 7.29 7.28
Maturity (months) 51.6 54.1 52.1 52.7 54.9 53.5 52.9 54.3 55.7 56.7 55.2 54.3 55.2
Loan-to-Value Ratio 91 92 92 92 92 91 92 93 91 92 91 90 90
Amount financed (dollars) 16,987 18,077 19,083 19,880 20,923 20,517 20,368 20,504 20,694 22,126 21,867 21,315 21,173
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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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1999 2000 2001
_______ _______________________________________ _______________
1996 1997 1998 1999 2000 r Q4 Q1 Q2 Q3 Q4 r Dec r Jan r Feb p
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Total 1211.6 1264.1 1331.7 1426.2 1569.0 1426.2 1416.0 1454.0 1495.6 1569.0 1569.0 1561.9 1558.7
Major holders
Total 1211.6 1264.1 1331.7 1426.2 1569.0 1426.2 1416.0 1454.0 1495.6 1569.0 1569.0 1561.9 1558.7
Commercial banks 526.8 512.6 508.9 499.8 543.7 499.8 497.1 506.2 521.8 543.7 543.7 540.0 533.3
Finance companies 152.4 160.0 168.5 181.6 193.2 181.6 183.7 190.3 197.3 193.2 193.2 188.0 189.6
Credit unions 144.1 152.4 155.4 167.9 185.3 167.9 169.2 176.0 181.6 185.3 185.3 185.0 184.4
Savings institutions 44.7 47.2 51.6 61.5 64.0 61.5 59.0 61.0 62.5 64.0 64.0 64.0 64.1
Nonfinancial business 77.7 78.9 74.9 80.3 82.7 80.3 72.9 73.5 72.1 82.7 82.7 77.7 73.0
Pools of securitized assets 6 265.8 313.1 372.4 435.1 500.1 435.1 434.0 447.0 460.3 500.1 500.1 507.2 514.4
Major types of credit 7
Revolving 522.9 555.9 586.5 623.2 693.2 623.2 609.0 627.9 645.8 693.2 693.2 681.8 681.7
Commercial banks 228.6 219.8 210.3 189.4 218.1 189.4 184.9 194.8 202.4 218.1 218.1 210.4 205.9
Finance companies 32.5 38.6 32.3 33.8 38.3 33.8 31.5 33.1 35.4 38.3 38.3 38.1 39.0
Credit unions 17.8 19.6 19.9 20.6 21.8 20.6 19.7 20.2 20.8 21.8 21.8 21.3 21.0
Savings institutions 10.3 11.4 12.5 15.8 16.6 15.8 15.0 15.5 16.3 16.6 16.6 16.8 17.0
Nonfinancial business 44.9 45.0 39.2 42.8 42.4 42.8 37.4 37.1 35.8 42.4 42.4 38.9 35.3
Pools of securitized assets 6 188.7 221.5 272.3 320.8 356.1 320.8 320.6 327.3 335.1 356.1 356.1 356.4 363.5
Nonrevolving 688.7 708.2 745.2 802.9 875.8 802.9 806.9 826.1 849.8 875.8 875.8 880.0 877.0
Commercial banks 298.2 292.7 298.6 310.4 325.6 310.4 312.2 311.5 319.4 325.6 325.6 329.5 327.3
Finance companies 119.9 121.4 136.2 147.8 154.9 147.8 152.2 157.2 161.9 154.9 154.9 149.9 150.6
Credit unions 126.3 132.8 135.5 147.3 163.5 147.3 149.5 155.9 160.8 163.5 163.5 163.7 163.4
Savings institutions 34.4 35.7 39.2 45.7 47.5 45.7 44.0 45.5 46.2 47.5 47.5 47.3 47.1
Nonfinancial business 32.8 34.0 35.7 37.5 40.2 37.5 35.5 36.4 36.3 40.2 40.2 38.8 37.7
Pools of securitized assets 6 77.1 91.6 100.1 114.2 144.0 114.2 113.5 119.7 125.2 144.0 144.0 150.8 150.9
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.
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