G.19 Consumer Credit For release at 3 p.m.
(Eastern Time)
June 2020 August 7, 2020
Consumer credit decreased at a seasonally adjusted annual rate of 6-3/4 percent during the second quarter. Revolving credit decreased at an annual rate of 31-3/4 percent, while nonrevolving credit increased
at an annual rate of 2 percent. In June, revolving credit decreased at an annual rate of 2-3/4 percent, while nonrevolving credit increased at an annual rate of 4-1/4 percent.
Consumer Credit Outstanding1
Seasonally adjusted. Billions of dollars except as noted.
2019 2020
r p r r p
2015 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Apr May Jun
Total percent change (annual rate)2 7.1 6.8 5.3 4.8 4.6 4.4 4.9 4.1 1.0 -6.7 -18.7 -4.2 2.6
Revolving 5.7 6.9 6.0 3.6 3.8 4.6 4.3 3.4 -7.6 -31.8 -65.3 -29.1 -2.8
Nonrevolving3 7.6 6.8 5.1 5.2 4.9 4.3 5.0 4.3 4.0 1.9 -2.6 4.0 4.3
Total flow (annual rate)2,4 235.0 230.1 192.3 181.5 182.4 177.2 198.4 169.9 41.3 -282.9 -783.6 -172.5 107.4
Revolving 50.7 61.7 57.7 36.8 39.6 49.0 46.3 37.1 -83.4 -342.8 -703.9 -296.7 -27.8
Nonrevolving3 184.3 168.4 134.5 144.7 142.8 128.2 152.1 132.8 124.7 59.9 -79.7 124.2 135.2
Total outstanding 3,390.6 3,620.8 3,813.0 3,998.1 4,180.6 4,088.5 4,138.1 4,180.6 4,195.6 4,124.9 4,130.3 4,115.9 4,124.9
Revolving 898.7 960.3 1,018.1 1,054.6 1,094.2 1,073.4 1,084.9 1,094.2 1,078.1 992.4 1,019.4 994.7 992.4
Nonrevolving3 2,492.0 2,660.4 2,795.0 2,943.6 3,086.4 3,015.1 3,053.2 3,086.4 3,117.5 3,132.5 3,110.9 3,121.2 3,132.5
Terms of Credit
Not seasonally adjusted. Percent except as noted.
Commercial bank interest rates5
New car loans
48-month 4.19 4.30 4.61 5.03 5.39 5.35 5.27 5.45 5.29 5.13 n.a. 5.13 n.a.
60-month 4.20 4.14 4.33 5.02 5.31 5.36 5.27 5.37 5.15 5.14 n.a. 5.14 n.a.
Credit card plans
All accounts 12.09 12.35 12.89 14.22 15.05 15.13 15.10 14.87 15.09 14.52 n.a. 14.52 n.a.
Accounts assessed interest 13.66 13.56 14.44 16.04 16.98 17.14 16.97 16.88 16.61 15.78 n.a. 15.78 n.a.
Personal loans
24-month 9.75 9.69 10.13 10.32 10.32 10.63 10.07 10.21 9.63 9.50 n.a. 9.50 n.a.
Finance companies (new car loans)6
Interest rates 5.1 5.1 5.4 6.1 6.4 6.7 6.4 6.1 6.1 n.a. n.a. n.a. n.a.
Maturity (months) 65 66 67 66 67 66 66 67 68 n.a. n.a. n.a. n.a.
Amount financed (dollars) 27,472 28,601 29,288 30,173 31,311 31,171 31,514 31,692 32,724 n.a. n.a. n.a. n.a.
This release is generally issued on the fifth business day of each month. See the Statistical Release Schedule for more information.
Footnotes appear on the second and third pages.
Consumer Credit Outstanding (Levels)
Non seasonally adjusted
Billions of dollars
2019 2020
r p r r p
2015 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Apr May Jun
Total 3,390.6 3,620.8 3,813.0 3,998.1 4,180.6 4,040.9 4,117.3 4,180.6 4,139.9 4,077.3 4,077.0 4,071.8 4,077.3
Major holders
Depository institutions 1,454.6 1,562.6 1,633.2 1,687.4 1,774.0 1,688.4 1,719.4 1,774.0 1,712.6 1,646.3 1,655.4 1,642.3 1,646.3
Finance companies 561.3 548.4 541.3 534.4 537.6 533.3 536.0 537.6 528.4 533.4 528.7 534.4 533.4
Credit unions 342.3 380.3 418.4 469.2 482.4 472.8 483.6 482.4 483.3 478.1 476.5 476.0 478.1
Federal government7 949.7 1,049.3 1,145.6 1,236.3 1,319.2 1,278.3 1,311.0 1,319.2 1,350.6 1,355.4 1,352.1 1,354.6 1,355.4
Nonprofit and educational institutions8 44.9 41.3 35.1 31.3 27.7 29.3 28.4 27.7 26.5 25.5 25.8 25.8 25.5
Nonfinancial business 37.8 38.9 39.4 39.6 39.6 38.7 38.9 39.6 38.5 38.7 38.5 38.7 38.7
Major types of credit, by holder
Revolving 898.7 960.3 1,018.1 1,054.6 1,094.2 1,032.2 1,045.1 1,094.2 1,022.8 951.2 966.7 952.4 951.2
Depository institutions 801.8 859.5 912.0 946.8 983.1 924.2 936.7 983.1 919.1 851.3 866.0 852.5 851.3
Finance companies 25.7 25.5 26.6 23.7 21.9 23.8 23.4 21.9 19.1 18.3 18.8 18.6 18.3
Credit unions 49.4 53.1 58.4 62.6 67.8 63.7 64.4 67.8 64.3 61.1 61.6 60.8 61.1
Federal government7 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonprofit and educational institutions8 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonfinancial business 21.7 22.2 21.1 21.4 21.4 20.6 20.6 21.4 20.3 20.6 20.3 20.5 20.6
Nonrevolving 2,492.0 2,660.4 2,795.0 2,943.6 3,086.4 3,008.7 3,072.3 3,086.4 3,117.1 3,126.1 3,110.3 3,119.4 3,126.1
Depository institutions 652.8 703.0 721.2 740.5 790.8 764.2 782.7 790.8 793.5 795.0 789.4 789.7 795.0
Finance companies 535.6 522.8 514.7 510.7 515.8 509.6 512.6 515.8 509.3 515.1 509.9 515.9 515.1
Credit unions 292.9 327.2 360.0 406.6 414.7 409.1 419.2 414.7 419.0 417.0 414.9 415.3 417.0
Federal government7 949.7 1,049.3 1,145.6 1,236.3 1,319.2 1,278.3 1,311.0 1,319.2 1,350.6 1,355.4 1,352.1 1,354.6 1,355.4
Nonprofit and educational institutions8 44.9 41.3 35.1 31.3 27.7 29.3 28.4 27.7 26.5 25.5 25.8 25.8 25.5
Nonfinancial business 16.1 16.7 18.3 18.2 18.2 18.1 18.3 18.2 18.2 18.1 18.2 18.2 18.1
Memo
Student Loans9 1,320.2 1,408.0 1,492.5 1,575.6 1,648.7 1,612.8 1,645.9 1,648.7 1,674.5 1,676.7 n.a. n.a. 1,676.7
Motor Vehicle Loans10 993.2 1,065.1 1,104.6 1,142.7 1,187.0 1,161.9 1,180.5 1,187.0 1,187.1 1,199.2 n.a. n.a. 1,199.2
Footnotes
1. Covers most credit extended to individuals, excluding loans secured by real estate. Includes receivables carried on the balance sheet of the institution as well as outstanding balances
of pools upon which securities have been issued; under the current accounting rule, most of those balances remain on the balance sheets of the loan originator.
2. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data. Percent changes are adjusted to exclude
the effect of such breaks. In addition, percent changes are at a simple annual rate and are calculated from unrounded data.
3. Includes motor vehicle 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.
4. Flow data represent changes in the level of credit due to economic and financial activity, and exclude breaks in the data series due to changes in methodology, source data,
and other technical aspects of the estimation that could affect the level of credit.
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).
Consumer Credit Outstanding (Flows)
Not seasonally adjusted
Billions of dollars, annual rate
2019 2020
r r p r r p
2015 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Apr May Jun
Total 235.0 230.1 192.3 181.5 182.4 209.7 305.6 252.9 -181.4 -250.4 -754.5 -63.6 67.0
Major holders
Depository institutions 97.7 107.9 70.6 50.6 86.6 156.8 124.0 218.3 -264.3 -265.3 -686.8 -157.4 48.2
Finance companies -2.4 -13.0 -7.1 -6.9 3.2 15.8 10.7 6.4 -36.8 19.8 3.9 68.1 -12.5
Credit unions 39.5 38.0 38.1 50.8 13.2 5.0 43.1 -4.7 3.3 -20.7 -81.7 -5.1 24.7
Federal government7 103.4 99.6 96.3 90.7 83.0 35.1 130.6 33.0 125.4 19.2 18.2 29.5 9.9
Nonprofit and educational institutions8 -2.7 -3.6 -6.2 -3.9 -3.6 -3.8 -3.6 -3.1 -4.5 -4.3 -8.6 -0.8 -3.5
Nonfinancial business -0.5 1.2 0.5 0.2 0.0 0.9 0.8 2.9 -4.6 0.9 0.4 2.2 0.1
Major types of credit, by holder
Revolving 50.7 61.7 57.7 36.8 39.6 105.5 51.5 196.5 -304.4 -286.3 -672.7 -172.6 -13.5
Depository institutions 51.8 57.7 52.5 35.1 36.3 88.4 50.2 185.7 -275.0 -271.1 -637.5 -161.4 -14.6
Finance companies -5.4 -0.2 1.1 -2.9 -1.9 7.3 -1.5 -6.1 -11.0 -3.4 -3.2 -3.4 -3.5
Credit unions 2.6 3.6 5.3 4.2 5.2 8.7 2.7 13.5 -13.8 -12.9 -32.6 -10.2 4.2
Federal government7 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonprofit and educational institutions8 ... ... ... ... ... ... ... ... ... ... ... ... ...
Nonfinancial business 1.6 0.5 -1.1 0.3 0.0 1.1 0.2 3.4 -4.7 1.1 0.5 2.4 0.4
Nonrevolving 184.3 168.4 134.5 144.7 142.8 104.2 254.1 56.4 123.1 35.9 -81.8 109.1 80.5
Depository institutions 45.9 50.2 18.2 15.4 50.3 68.3 73.8 32.6 10.8 5.8 -49.3 4.0 62.8
Finance companies 2.9 -12.8 -8.1 -4.1 5.1 8.5 12.3 12.5 -25.8 23.2 7.1 71.5 -9.0
Credit unions 36.9 34.3 32.8 46.6 8.1 -3.7 40.4 -18.2 17.1 -7.8 -49.1 5.1 20.5
Federal government7 103.4 99.6 96.3 90.7 83.0 35.1 130.6 33.0 125.4 19.2 18.2 29.5 9.9
Nonprofit and educational institutions8 -2.7 -3.6 -6.2 -3.9 -3.6 -3.8 -3.6 -3.1 -4.5 -4.3 -8.6 -0.8 -3.5
Nonfinancial business -2.1 0.7 1.6 -0.2 0.0 -0.2 0.7 -0.5 0.1 -0.2 -0.2 -0.2 -0.3
Memo
Student Loans9 84.5 87.7 84.5 83.1 73.2 23.9 132.3 11.2 103.2 8.8 n.a. n.a. 8.8
Motor Vehicle Loans10 79.2 71.9 39.5 34.2 44.3 48.5 74.3 25.8 0.6 48.5 n.a. n.a. 48.5
6. Covers most of the captive and non-captive finance companies. The series of finance company new car loan terms included in previous releases are discontinued. They remain
available from the Data Download Program.
7. Includes student loans originated by the Department of Education under the Federal Direct Loan Program and the Perkins Loan Program, as well as Federal Family Education
Program loans that the government purchased under the Ensuring Continued Access to Student Loans Act.
8. Includes student loans originated under the Federal Family Education Loan Program and held by educational institutions and nonprofit organizations.
9. Includes student loans originated under the Federal Family Education Loan Program and the Direct Loan Program; Perkins loans; and private student loans without government
guarantees. This memo item includes loan balances that are not included in the nonrevolving credit balances. For additional information, see public documentation. Data for
this memo item are released for each quarter-end month.
10. Includes motor vehicle loans owned and securitized by depository institutions, finance companies, credit unions, and nonfinancial business. Includes loans for passenger
cars and other vehicles such as minivans, vans, sport-utility vehicles, pickup trucks, and similar light trucks for personal use. Loans for boats, motorcycles and recreational
vehicles are not included. Data for this memo item are released for each quarter-end month.
r=revised. p=preliminary. n.a.=not available. ...=not applicable.
