November 2018 Headline Consumer Credit Growth Slowed

Household Debt Payments As A Percent of Disposable Income

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Caveats on the Use of Consumer Credit

This data series does not include mortgages and is not inflation adjusted. This whole series has undergone a major revision with the April 2012 Press Release:

The Federal Reserve Board on Monday announced that it has restructured the G.19 statistical release, Consumer Credit, to reflect regulatory filing changes for U.S.-chartered depository institutions and, in addition to the data currently reported on level of credit outstanding, the release will now report data on the flow of credit. The revised data will be made available with the release of the April report on Thursday, June 7.

Savings institutions now file the same regulatory report as U.S.-chartered commercial banks. The U.S.-chartered commercial banks sector and the savings institution sector, which were previously shown separately, have been combined into a new sector called depository institutions. The previously published series for U.S.-chartered commercial banks and savings institutions will continue to be available as separate series in the Federal Reserve's Data Download Program (DDP).

The new flow data represent changes in the level of credit due to economic and financial activity, rather than breaks in the data series due to changes in methodology, source data, and other technical aspects of the estimation that affect the level of credit. Access to flow data allows users to calculate a growth rate for consumer credit that excludes such breaks.

These changes will be accompanied by revisions to the estimates of outstanding consumer credit back to January 2006 and reflect improvements in methodology and a comprehensive review of the source data.

The graph below shows consumer credit outstanding (this data series does not include mortgages) is now above a high of over 26% in the 2000s, and well above the averages before the mid-1990s.

Ratio of Total Consumer Loans Outstanding to Consumer Spending

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