In July, total consumer credit decreased at a seasonally adjusted annual rate of 1-1/2 percent. Revolving credit decreased at an annual rate 6-3/4 percent, and nonrevolving credit increased at an annnual rate of 1 percent.

Consumer Credit Outstanding ¹ Seasonally adjusted. Billions of dollars except as noted.
Total percent change (annual rate)²	5.9	0.8	-4.5	-1.3	3.4	3.0	1.9	5.9	5.7	6.2	8.7	5.3	-1.5
Revolving	8.5	0.2	-8.8	-7.4	0.2	0.9	-1.2	1.8	0.6	1.3	13.8	-4.5	-6.8
Nonrevolving ³	4.3	1.2	-1.8	2.5	5.0	4.1	3.4	7.8	8.1	8.6	6.3	9.8	1.0
Total flow (annual rate)^2,4	141.3	20.1	-115.8	-30.5	86.4	77.9	48.2	151.9	148.8	166.4	232.0	141.9	-39.3
Revolving	78.7	2.2	-88.4	-68.1	1.3	7.2	-10.1	15.0	5.4	11.0	117.4	-39.0	-57.9
Nonrevolving ³	62.6	17.9	-27.4	37.6	85.1	70.7	58.3	136.9	143.4	155.4	114.6	180.9	18.6
Total outstanding	2,528.8	2,548.9	2,438.8	2,545.3	2,631.7	2,581.7	2,593.7	2,631.7	2,668.9	2,708.5	2,698.7	2,708.5	2,705.2
Revolving	1,008.1	1,010.3	921.9	850.2	851.4	850.2	847.7	851.4	852.8	855.5	858.8	855.5	850.7
Nonrevolving ³	1,520.6	1,538.6	1,517.0	1,695.1	1,780.3	1,731.5	1,746.0	1,780.3	1,816.1	1,852.9	1,839.9	1,852.9	1,854.5

Terms of Credit ⁵ Not seasonally adjusted. Percent except as noted.
Commercial banks
Interest rates
48-mo. new car	7.77	7.02	6.72	6.21	5.73	5.79	5.89	5.40	5.07	4.87	4.87	n.a.	n.a.
24-mo. personal	12.38	11.37	11.10	10.87	10.88	11.37	10.80	10.36	10.88	10.94	10.94	n.a.	n.a.
Credit card plans
All accounts	13.30	12.08	13.40	13.78	12.74	12.89	12.28	12.36	12.34	12.06	12.06	n.a.	n.a.
Accounts assessed interest	14.68	13.57	14.31	14.26	13.09	13.06	13.08	12.78	13.04	12.76	12.76	n.a.	n.a.

Finance companies (new car loans)⁶
Interest rates	4.87	5.52	3.82	4.26	4.73	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Maturity (months)	62.0	63.4	62.0	63.0	62.3	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Loan-to-value ratio	95	91	90	86	80	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Amount financed (dollars)	28,287	26,178	28,272	27,959	26,673	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

Consumer Credit Outstanding ¹

Seasonally adjusted. Billions of dollars except as noted.

Year

Quarter

Month

2011

2012

2007

2008

2009

2010^r

2011^r

Q2^r

Q3^r

Q4^r

Q1^r

Q2^r

May^r

Jun^r

Jul^p

Total percent change (annual rate)²

5.9

0.8

-4.5

-1.3

3.4

3.0

1.9

5.9

5.7

6.2

8.7

5.3

-1.5

Revolving

8.5

0.2

-8.8

-7.4

0.2

0.9

-1.2

1.8

0.6

1.3

13.8

-4.5

-6.8

Nonrevolving ³

4.3

1.2

-1.8

2.5

5.0

4.1

3.4

7.8

8.1

8.6

6.3

9.8

1.0

Total flow (annual rate)^2,4

141.3

20.1

-115.8

-30.5

86.4

77.9

48.2

151.9

148.8

166.4

232.0

141.9

-39.3

Revolving

78.7

2.2

-88.4

-68.1

1.3

7.2

-10.1

15.0

5.4

11.0

117.4

-39.0

-57.9

Nonrevolving ³

62.6

17.9

-27.4

37.6

85.1

70.7

58.3

136.9

143.4

155.4

114.6

180.9

18.6

Total outstanding

2,528.8

2,548.9

2,438.8

2,545.3

2,631.7

2,581.7

2,593.7

2,631.7

2,668.9

2,708.5

2,698.7

2,708.5

2,705.2

Revolving

1,008.1

1,010.3

921.9

850.2

851.4

850.2

847.7

851.4

852.8

855.5

858.8

855.5

850.7

Nonrevolving ³

1,520.6

1,538.6

1,517.0

1,695.1

1,780.3

1,731.5

1,746.0

1,780.3

1,816.1

1,852.9

1,839.9

1,852.9

1,854.5

Terms of Credit ⁵

Not seasonally adjusted. Percent except as noted.

Commercial banks

Interest rates

48-mo. new car

7.77

7.02

6.72

6.21

5.73

5.79

5.89

5.40

5.07

4.87

n.a.

24-mo. personal

12.38

11.37

11.10

10.87

10.88

11.37

10.80

10.36

10.88

10.94

n.a.

Credit card plans

All accounts

13.30

12.08

13.40

13.78

12.74

12.89

12.28

12.36

12.34

12.06

n.a.

Accounts assessed interest

14.68

13.57

14.31

14.26

13.09

13.06

13.08

12.78

13.04

12.76

n.a.

Finance companies (new car loans)⁶

Interest rates

4.87

5.52

3.82

4.26

4.73

n.a.

Maturity (months)

62.0

63.4

62.0

63.0

62.3

n.a.

Loan-to-value ratio

n.a.

Amount financed (dollars)

28,287

26,178

28,272

27,959

26,673

n.a.

Consumer Credit Outstanding (Levels) ¹ (Billions of dollars) Not seasonally adjusted
Total	2,528.8	2,548.9	2,438.8	2,545.3	2,631.7	2,534.2	2,578.6	2,631.7	2,619.0	2,661.1	2,651.5	2,661.1	2,664.4

Major holders
Depository institutions	894.9	965.0	906.3	1,185.5	1,192.6	1,159.8	1,163.1	1,192.6	1,155.7	1,174.5	1,174.8	1,174.5	1,176.2
Finance companies	572.1	554.3	471.9	708.4	690.6	686.2	687.1	690.6	682.3	678.1	677.5	678.1	676.7
Credit unions	236.6	236.2	237.1	226.5	223.0	220.9	223.9	223.0	223.0	230.3	229.4	230.3	233.1
Federal government ⁷	93.0	104.3	178.6	308.8	417.4	362.4	398.5	417.4	452.6	470.7	464.9	470.7	471.8
Nonfinancial business	59.3	56.3	51.7	53.1	53.1	51.7	52.2	53.1	51.5	51.7	51.5	51.7	51.8
Pools of securitized assets ^8,9	673.0	632.9	593.3	63.0	55.0	53.3	53.8	55.0	54.0	55.9	53.4	55.9	54.9

Major types of credit, by holder
Revolving	1,008.1	1,010.3	921.9	850.2	851.4	810.5	815.9	851.4	806.4	815.8	815.5	815.8	815.4
Depository institutions	398.2	430.1	373.9	664.7	663.9	632.6	636.3	663.9	628.0	645.6	645.1	645.6	645.6
Finance companies	77.3	62.0	38.3	85.0	87.1	82.6	83.2	87.1	80.6	72.6	73.2	72.6	72.4
Credit unions	31.1	33.4	35.4	36.3	37.9	35.8	36.3	37.9	36.4	37.4	37.2	37.4	37.4
Federal government ⁷	...	...	...	...	...	...	...	...	...	...	...	...	...
Nonfinancial business	36.1	34.7	32.3	32.8	32.8	31.4	31.7	32.8	31.2	31.4	31.3	31.4	31.6
Pools of securitized assets ^8,9	465.5	450.0	441.9	31.4	29.8	28.1	28.4	29.8	30.2	28.9	28.8	28.9	28.5
Nonrevolving	1,520.6	1,538.6	1,517.0	1,695.1	1,780.3	1,723.7	1,762.7	1,780.3	1,812.6	1,845.2	1,836.0	1,845.2	1,849.0
Depository institutions	496.7	534.8	532.3	520.8	528.7	527.1	526.8	528.7	527.6	528.9	529.7	528.9	530.6
Finance companies	494.8	492.2	433.6	623.5	603.5	603.7	603.9	603.5	601.7	605.5	604.3	605.5	604.3
Credit unions	205.5	202.8	201.7	190.1	185.1	185.1	187.6	185.1	186.6	193.0	192.2	193.0	195.7
Federal government ⁷	93.0	104.3	178.6	308.8	417.4	362.4	398.5	417.4	452.6	470.7	464.9	470.7	471.8
Nonfinancial business	23.2	21.6	19.4	20.3	20.3	20.2	20.5	20.3	20.3	20.2	20.3	20.2	20.3
Pools of securitized assets ^8,9	207.5	182.9	151.4	31.7	25.2	25.2	25.4	25.2	23.8	27.0	24.6	27.0	26.4

Consumer Credit Outstanding (Levels) ¹

(Billions of dollars)
Not seasonally adjusted

Year

Quarter

Month

2011

2012

2007

2008

2009

2010^r

2011^r

Q2^r

Q3^r

Q4^r

Q1^r

Q2^r

May^r

Jun^r

Jul^p

Total

2,528.8

2,548.9

2,438.8

2,545.3

2,631.7

2,534.2

2,578.6

2,631.7

2,619.0

2,661.1

2,651.5

2,661.1

2,664.4

Major holders

Depository institutions

894.9

965.0

906.3

1,185.5

1,192.6

1,159.8

1,163.1

1,192.6

1,155.7

1,174.5

1,174.8

1,174.5

1,176.2

Finance companies

572.1

554.3

471.9

708.4

690.6

686.2

687.1

690.6

682.3

678.1

677.5

678.1

676.7

Credit unions

236.6

236.2

237.1

226.5

223.0

220.9

223.9

223.0

230.3

229.4

230.3

233.1

Federal government ⁷

93.0

104.3

178.6

308.8

417.4

362.4

398.5

417.4

452.6

470.7

464.9

470.7

471.8

Nonfinancial business

59.3

56.3

51.7

53.1

51.7

52.2

53.1

51.5

51.7

51.5

51.7

51.8

Pools of securitized assets ^8,9

673.0

632.9

593.3

63.0

55.0

53.3

53.8

55.0

54.0

55.9

53.4

55.9

54.9

Major types of credit, by holder

Revolving

1,008.1

1,010.3

921.9

850.2

851.4

810.5

815.9

851.4

806.4

815.8

815.5

815.8

815.4

Depository institutions

398.2

430.1

373.9

664.7

663.9

632.6

636.3

663.9

628.0

645.6

645.1

645.6

Finance companies

77.3

62.0

38.3

85.0

87.1

82.6

83.2

87.1

80.6

72.6

73.2

72.6

72.4

Credit unions

31.1

33.4

35.4

36.3

37.9

35.8

36.3

37.9

36.4

37.4

37.2

37.4

Federal government ⁷

...

Nonfinancial business

36.1

34.7

32.3

32.8

31.4

31.7

32.8

31.2

31.4

31.3

31.4

31.6

Pools of securitized assets ^8,9

465.5

450.0

441.9

31.4

29.8

28.1

28.4

29.8

30.2

28.9

28.8

28.9

28.5

Nonrevolving

1,520.6

1,538.6

1,517.0

1,695.1

1,780.3

1,723.7

1,762.7

1,780.3

1,812.6

1,845.2

1,836.0

1,845.2

1,849.0

Depository institutions

496.7

534.8

532.3

520.8

528.7

527.1

526.8

528.7

527.6

528.9

529.7

528.9

530.6

Finance companies

494.8

492.2

433.6

623.5

603.5

603.7

603.9

603.5

601.7

605.5

604.3

605.5

604.3

Credit unions

205.5

202.8

201.7

190.1

185.1

187.6

185.1

186.6

193.0

192.2

193.0

195.7

Federal government ⁷

93.0

104.3

178.6

308.8

417.4

362.4

398.5

417.4

452.6

470.7

464.9

470.7

471.8

Nonfinancial business

23.2

21.6

19.4

20.3

20.2

20.5

20.3

20.2

20.3

20.2

20.3

Pools of securitized assets ^8,9

207.5

182.9

151.4

31.7

25.2

25.4

25.2

23.8

27.0

24.6

27.0

26.4

Consumer Credit Outstanding (Flows) ¹ (Billions of dollars; annual rate) Not seasonally adjusted
Total	141.3	20.1	-115.8	-30.5	86.4	87.6	177.2	212.6	-50.7	176.1	227.6	139.2	40.4

Major holders
Depository institutions	58.1	70.1	-64.5	-70.3	7.1	64.7	13.1	118.1	-147.6	83.2	227.7	19.9	20.4
Finance companies	40.2	-17.9	-82.4	-27.0	-17.8	-31.6	3.6	13.8	-33.1	-17.0	-80.8	7.3	-16.9
Credit unions	0.5	-0.4	0.9	-10.7	-3.4	10.9	12.2	-3.5	0.1	29.1	19.7	11.4	33.8
Federal government ⁷	6.0	11.3	74.3	130.2	108.7	59.7	144.2	75.7	140.6	72.4	74.3	69.7	12.9
Nonfinancial business	2.2	-3.0	-4.6	-2.3	0.0	0.8	2.2	3.5	-6.5	0.8	-0.4	1.6	2.1
Pools of securitized assets ^8,9	34.1	-40.1	-39.6	-50.4	-8.0	-16.8	2.0	5.0	-4.2	7.6	-13.0	29.4	-11.9
Major types of credit, by holder
Revolving	78.7	2.2	-88.4	-68.1	1.3	33.9	21.4	142.3	-180.1	37.7	108.5	4.1	-5.2
Depository institutions	28.4	31.9	-56.2	-34.4	-0.8	31.1	14.6	110.5	-143.6	70.2	201.7	5.8	-0.2
Finance companies	3.9	-15.3	-23.8	0.5	2.1	5.0	2.6	15.3	-25.9	-32.2	-87.8	-7.3	-1.9
Credit unions	3.7	2.4	2.0	0.9	1.6	3.0	2.0	6.7	-6.0	3.7	7.5	2.1	0.5
Federal government ⁷	...	...	...	...	...	...	...	...	...	...	...	...	...
Nonfinancial business	2.4	-1.3	-2.4	-3.3	0.0	1.0	1.0	4.3	-6.3	1.0	-0.1	1.9	1.7
Pools of securitized assets ^8,9	40.2	-15.5	-8.0	-31.9	-1.6	-6.1	1.1	5.7	1.6	-5.1	-12.8	1.6	-5.3
Nonrevolving	62.6	17.9	-27.4	37.6	85.1	53.7	155.8	70.3	129.5	138.4	119.1	135.1	45.6
Depository institutions	29.7	38.2	-8.3	-36.0	7.8	33.6	-1.6	7.6	-4.1	12.9	26.0	14.1	20.6
Finance companies	36.3	-2.6	-58.6	-27.5	-19.9	-36.5	1.0	-1.4	-7.2	15.2	7.1	14.6	-15.0
Credit unions	-3.2	-2.7	-1.1	-11.6	-5.0	7.9	10.2	-10.2	6.0	25.4	12.1	9.3	33.3
Federal government ⁷	6.0	11.3	74.3	130.2	108.7	59.7	144.2	75.7	140.6	72.4	74.3	69.7	12.9
Nonfinancial business	-0.2	-1.6	-2.2	0.9	0.0	-0.2	1.2	-0.8	-0.1	-0.2	-0.3	-0.4	0.4
Pools of securitized assets ^8,9	-6.1	-24.6	-31.5	-18.5	-6.4	-10.7	0.9	-0.7	-5.8	12.7	-0.2	27.7	-6.7

Consumer Credit Outstanding (Flows) ¹

(Billions of dollars; annual rate)
Not seasonally adjusted

Year

Quarter

Month

2011

2012

2007

2008

2009

2010^r

2011^r

Q2^r

Q3^r

Q4^r

Q1^r

Q2^r

May^r

Jun^r

Jul^p

Total

141.3

20.1

-115.8

-30.5

86.4

87.6

177.2

212.6

-50.7

176.1

227.6

139.2

40.4

Major holders

Depository institutions

58.1

70.1

-64.5

-70.3

7.1

64.7

13.1

118.1

-147.6

83.2

227.7

19.9

20.4

Finance companies

40.2

-17.9

-82.4

-27.0

-17.8

-31.6

3.6

13.8

-33.1

-17.0

-80.8

7.3

-16.9

Credit unions

0.5

-0.4

0.9

-10.7

-3.4

10.9

12.2

-3.5

0.1

29.1

19.7

11.4

33.8

Federal government ⁷

6.0

11.3

74.3

130.2

108.7

59.7

144.2

75.7

140.6

72.4

74.3

69.7

12.9

Nonfinancial business

2.2

-3.0

-4.6

-2.3

0.0

0.8

2.2

3.5

-6.5

0.8

-0.4

1.6

2.1

Pools of securitized assets ^8,9

34.1

-40.1

-39.6

-50.4

-8.0

-16.8

2.0

5.0

-4.2

7.6

-13.0

29.4

-11.9

Major types of credit, by holder

Revolving

78.7

2.2

-88.4

-68.1

1.3

33.9

21.4

142.3

-180.1

37.7

108.5

4.1

-5.2

Depository institutions

28.4

31.9

-56.2

-34.4

-0.8

31.1

14.6

110.5

-143.6

70.2

201.7

5.8

-0.2

Finance companies

3.9

-15.3

-23.8

0.5

2.1

5.0

2.6

15.3

-25.9

-32.2

-87.8

-7.3

-1.9

Credit unions

3.7

2.4

2.0

0.9

1.6

3.0

2.0

6.7

-6.0

3.7

7.5

2.1

0.5

Federal government ⁷

...

Nonfinancial business

2.4

-1.3

-2.4

-3.3

0.0

1.0

4.3

-6.3

1.0

-0.1

1.9

1.7

Pools of securitized assets ^8,9

40.2

-15.5

-8.0

-31.9

-1.6

-6.1

1.1

5.7

1.6

-5.1

-12.8

1.6

-5.3

Nonrevolving

62.6

17.9

-27.4

37.6

85.1

53.7

155.8

70.3

129.5

138.4

119.1

135.1

45.6

Depository institutions

29.7

38.2

-8.3

-36.0

7.8

33.6

-1.6

7.6

-4.1

12.9

26.0

14.1

20.6

Finance companies

36.3

-2.6

-58.6

-27.5

-19.9

-36.5

1.0

-1.4

-7.2

15.2

7.1

14.6

-15.0

Credit unions

-3.2

-2.7

-1.1

-11.6

-5.0

7.9

10.2

-10.2

6.0

25.4

12.1

9.3

33.3

Federal government ⁷

6.0

11.3

74.3

130.2

108.7

59.7

144.2

75.7

140.6

72.4

74.3

69.7

12.9

Nonfinancial business

-0.2

-1.6

-2.2

0.9

0.0

-0.2

1.2

-0.8

-0.1

-0.2

-0.3

-0.4

0.4

Pools of securitized assets ^8,9

-6.1

-24.6

-31.5

-18.5

-6.4

-10.7

0.9

-0.7

-5.8

12.7

-0.2

27.7

-6.7

*This release is generally issued on the fifth business day of each month. See the Statistical Release Schedule for more information.

Footnotes

Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
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.
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.
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.
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).
The statistical foundation for these series has deteriorated. Therefore, publication of these series is temporarily being suspended. The statistical foundation is in the process of being improved, and publication will resume as soon as possible.
Consumer loans held by the federal government include loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies.
Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
The shift of consumer credit from pools of securitized assets to other categories is largely due to financial institutions' implementation of the FAS 166/167 accounting rules.

r=revised. p=preliminary. n.a.=not available. ...=not applicable.