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CONSUMER INSTALLMENT CREDIT DECLINES AGAIN IN AUGUST, FEDERAL RESERVE BOARD FIGURES SHOW

 CONSUMER INSTALLMENT CREDIT DECLINES AGAIN IN AUGUST,
 FEDERAL RESERVE BOARD FIGURES SHOW
 WASHINGTON, Oct. 8 /PRNewswire/ -- Recently released figures from the Federal Reserve Board show consumer installment credit outstanding declined by $959 million in August for the seventh month in a row. That lowers total consumer installment debt to $720.9 billion, reports the American Financial Services Association (AFSA).
 Automobile credit, which accounts for the largest share of consumer installment credit outstanding, totaled $257.7 billion, a $37 million drop (-0.2 percent seasonally adjusted annual rate) from July. "Other" credit outstanding, including mobile home credit, also dropped, from $216.7 billion in July to $215.2 billion (-8.3 percent annual rate) in August.
 However, consumers use of revolving credit (short and intermediate term installment credit, excluding loans secured by real estate), increased by $576 million in August, or a 2.8 percent annual rate.
 Of all consumer credit lenders, commercial banks held the largest share of total consumer installment credit outstanding, 44.8 percent; finance companies followed with a 16.3 percent share. Credit unions, savings institutions, retailers and gasoline companies followed with 12.7 percent, 4.8 percent, 5.4 percent and 0.6 percent, respectively. Pools of securitized assets, publicly-offered issues of securitized loans, represented 15.4 percent of consumer installment credit outstanding.
 Founded in 1916, the American Financial Services Association is the national trade association for the non-banking providers of consumer credit.
 -0- 10/8/92
 /CONTACT: Terry Cummings of the American Financial Services Association, 202-296-5544/ CO: American Financial Services Association ST: District of Columbia IN: FIN SU: ECO


DC -- DC038 -- 8104 10/08/92 17:30 EDT
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Date:Oct 8, 1992
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