United States - Consumer Credit: Nonrevolving [level] - Owned and securitized

For the U.S., the FRB "G.19 Consumer Credit" statistical release is a monthly sample estimate of loans to households, for financing consumer purchases of goods and services, for refinancing existing consumer debt, but not mortgages. Monthly since 1943.

There are subsets for "owned" vs. "securitized" balances, a distinction which is less important since FASB 166/167 in 2010. Data Buffet carries only the "owned" subset.

• Measurements:
  • Billions of U.S. dollars (Bil. USD)
  • Month-over-month change in billions of U.S. dollars (Bil. USD M/M)
  • Month-over-month percent change  (% M/M)
  • Percent per annum (% p.a.)
  • Unitary count (#)
• Adjustments:
  • Seasonally adjusted annualized rate (SAAR)
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: As early as 1943m1

Noninstallment loans are reported in the "other" category and represent roughly 6% of total consumer credit (installment plus noninstallment). The dataset excludes loans secured by real estate, i.e., mortgages.

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.

Secured and unsecured loans are included except those secured with real estate. Securitized consumer loans, loans made by finance companies, banks, and retailers that are sold, as securities are included.

Figures are consumer credit outstanding at the end of the month.

The G.19 report includes levels, growth rate of levels, and flows. The levels contain definitional breaks (i.e., numeric discontinuities), the rates are adjusted to exclude the effect of the breaks, but the flows exclude the breaks.

Securitization

The G.19 differentiates between "on-book loan balances" and "off-book securitized loan balances," but accounting rule FASB 166/167 required the majority of securitized assets to be reported on-book, which reduced the latter subset to near-zero. For example, in the following triplet, "securitized" was 7.2% of "total" in 2009, but only 0.2% in 2021.

• DTCTLNHD_N.M = Nonrevolving consumer credit owned and securitized by depository institutions
• DTCOLNHD_N.M = ... owned by depository institutions
• DTCNLNHD_N.M = ... securitized by depository institutions

Data Buffet carries only the "owned" subset (in this example, as XCCLNRVDM.IUSA). As of June 2020, the G.19 monthly release tabulates the "total," so corresponding line items will not match exactly.

Sources

Monthly data on consumer installment credit are based on monthly surveys of a sample of commercial banks conducted by the Federal Reserve Board, monthly surveys of consumer finance companies, including auto finance companies, monthly surveys of credit unions, and monthly surveys of retail sales. Benchmark data are available annually for commercial banks, savings and loans associations, mutual savings banks, and retailers, and every five years for finance companies.

Definitions

There are seven types of major holder.

The main categories of consumer credit are:

Revolving credit

Credit cards used for sales transactions or for cash advances and check credit plans that allow overdrafts up to certain amounts on personal accounts.

Nonrevolving credit

Created in July 1999 by combining the old categories Auto and Other. Includes passenger cars and station wagons (auto) and loans to consumers for items such as home improvement, recreational vehicles, vans and pickup trucks, mobile homes, vacations, and student loans (other).

Other definitions:

Installment vs. noninstallment loans

Installment loans scheduled to be paid in two or more monthly payments, and noninstallment loans are payable in one month or in a lump sum, such as charge accounts and single-payment demand loans.

Consumer credit outstanding

Most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate; i.e., mortgages are not included.

Nonrevolving

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.

Interest rates

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

simple unweighted averages of each bank's most common rate charged during the first calendar week of the middle month of each quarter.

Interest rates for credit card accounts

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

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.

Student Loan Marketing Association (Sallie Mae)

Included in the Federal government sector (XCCSLMM.IUSA, XCCNREVLM.IUSA) until the completion of Sallie Mae's privatization in 2004 Q4; in the Finance company sector (XCCFINM.IUSA, XCCNREVFM.IUSA) thereafter.

Pools of securitized assets (XCCPOLM.IUSA, XCCREVPM.IUSA)

Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.

Auto loans

These series were suspended in February 2011 due to a deterioration of their statistical basis. They will resume when the FRB is able to redesign them; the FRB also plans a comprehensive enhancement of the documentation.

Auto loan-to-value ratio

The weighted average of LTV ratios for loans originated during the reference month.

Auto loan

Defined as the principal balance at origination. It generally equals the negotiated price of the vehicle; plus any financed taxes, insurance, service contracts, dealer-installed accessories, prior balances on trade-in vehicles, and any other fees and charges; less vehicle trade-in, and any cash-down payment.

Auto value

For new vehicles, the estimated net cost of the vehicle to the dealership. For used vehicles, the average wholesale value of the vehicle.

Periodicity and timeliness

The G.19 contains monthly data, with a two-month lag. The human-readable statistical report is released on the fifth business day of each month at 3:00 p.m. ET. The bulk data file may be noticeably delayed.

The "terms of credit" series (IRCCPER24M.IUSA, IRCCARDM.IUSA, IRCCARDIM.IUSA, IRCCAUT48M.IUSA) are reported quarterly, in February, April, July and November. The other eight months of the year, their values are ND. They were suspended in 2011, because their "statistical foundation ... has deteriorated," and revived in 2015.

Changes to the corpus

Seven "terms of automobile credit" series (IRNCARFM.IUSA, NLOANF.IUSA, etc.) (and the corresponding Moody's Analytics seasonally adjusted supplements) went on hiatus since early 2011, for the FRB improves their statistical basis. They were revived in 2015, but redefined.

In 2025, "nonfinancial business sector" was dropped from the list of major holders.

Source footnotes

(Last updated April 2014.)

1. "Consumer credit outstanding" covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate; i.e., mortgages are not included.
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. "Nonrevolving" 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.
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). 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. Terms of credit: 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.
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 that are affiliated with state governments.
9. Pools of securitized assets (XCCPOLM.IUSA, XCCREVPM.IUSA) are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators.
10. 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.
11. 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.
12. 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.

Old footnotes

• Data for the Student Loan Marketing Association (Sallie Mae) are included in the Federal government sector (XCCSLMM.IUSA, XCCNREVLM.IUSA) until the completion of Sallie Mae's privatization in 2004 Q4 and in the Finance company sector (XCCFINM.IUSA, XCCNREVFM.IUSA) thereafter.

Moody's Analytics supplements

We compute two supplements that were originated by the Conference Board Business Cycle Indicators (BCI). They are:

A ratio of credit outstanding (FRB G.19) to annualized personal income (BEA NIPA):

CCYPM.IUSA = 100*(1000*CCLALLTM.IUSA/YPM.IUSA)

And the month-over-month level change in total owned and securitized consumer credit (G.19):

CCCHG.IUSA = 12*diff(CCLALLTM.IUSA)

Terms of credit

For "terms of credit, on new car loans, from finance companies" monthly, we seasonally adjust the amount financed and maturity items. We do not adjust the interest rate.

The native reporting is every third month (i.e., with gaps), which is analytically inconvenient (for Data Buffet's chart tool, etc.). In July 2019 we constructed NSA quarterly versions, without gaps. In March 2024 we constructed SA counterparts.

Quarterly series

The official tabulation includes annual and quarterly versions of the monthly fundamentals, but these are not reported via the DDP bulk data facility. The "terms of credit" subset cannot be reconstituted using Data Buffet's frequency conversion tools, so we produce quarterly counterparts to match the tabulation.

Break-adjusted series

At December 2005/January 2006 and November 2010/December 2010 there are breaks in the data due to redefinitions. The G.19 reports break-adjusted flows, but not break-adjusted levels; hence, in 2013 Moody's Analytics constructed supplements to facilitate long-term analysis. The method is simple and is explained in the G.19 documentation (on page "About" under "Generating Monthly Estimates: Seasonally Adjusted Annual Growth Rates and Total Consumer Credit").

Inputs:

• (,X)CCL^^^TM.IUSA = Reported level series (not break-adjusted)
• (,X)CCU^^^TM.IUSA = Corresponding reported flow series (break-adjusted)

Outputs:

• (,X)CCL^^^TBM.IUSA = Break-adjusted level series (Moody's Analytics calculated)

Method:

1. For each level series (L) to be adjusted as (L') using flow (U):
1. For the final period t_f, L'[t_f] = L[t_f]
2. For all earlier periods t, L'[t] = L'[t+1] - U[t+1]

We amended our method in June 2025 to compensate for a break at December 2024.

This applies to six triads of series:

General policy

The data are revised for the previous month.

The data are revised annually (in June) as part of periodic benchmarking.

Revisions to the Moody's Analytics break-adjusted levels typically apply over the entire time series.

Specific revisions, summary

• Sep 2017: benchmarking to 2015 Census and Survey of Finance Companies
• Apr 2016: back to 2006 - by seasonal factors and benchmarking
• Aug 2015: back to 2006 - improved student loan data
• May 2015: back to 2006 - by seasonal factors and benchmarking to Department of Education and BoC
• May 2014: back to 2006 - by seasonal factors, benchmarking to the Annual Retail Trade Report, etc.
• Oct 2013: back to 2006 - improved methodology re: student debt
• Apr 2013: back to 2006 - seasonal factors, benchmarking to the Annual Retail Trade Report, revised finance companies data
• Sep 2012: back to 2010 - benchmarking to 201 Census and Survey of Finance Companies (CFC and SFC)
• Jun 2012: back to 2006

Specific revisions, detail

The benchmark revisions released in June 1996 saw the measure of consumer credit broadened to include noninstallment consumer credit. Previously, the data only represented installment loans.

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.

There was a benchmark revision in September 2012 that affected most series from December 2010. The "terms of credit" series were unchanged.

On 7 April 2016 there were revisions "extending back to January 2006 that are primarily caused by updated seasonal factors and the benchmarking of estimates to data released by the Department of Education and the U.S. Census Bureau" (citation).

Further reading

At the source:

• About the G.19
  • Detailed methodology for the G.19
  • Announcements about the G.19
    • Mar 2020: FASB 166/167
    • Apr 2027: Nonfinancial business terminated
  • Revisions
  • Technical Q&A
• General FRB
  • 2005 Quinquennial Finance Company Survey
  • FRB release schedule
  • FRB holidays

Comparability with other datasets

There are seven types of major holder, but only two of these (commercial banks and savings institutions) are measured by the FDIC. Consequently, the "credit cards" portion of the FDIC's quarterly "charge-off rates" dataset is not comparable with the G.19.

• 13 Jan 2023, Phillip Thorne - Supplements CCYPM.IUSA and CCCHG.IUSA originated with the Conference Board.
• 1 Mar 2024, Phillip Thorne - Addendum of SA quarterly variants of terms of credit.
• 27 Jun 2025, Phillip Thorne - Change in method for break-adjusted supplements.
• 8 Aug 2025, Phillip Thorne - "Nonfinancial business" terminated.