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Wednesday, August 20, 2014

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Consumer Credit & Payments Statistics

The Payment Cards Center Consumer Statistics page provides updated statistics related to consumer credit and consumer payments. The Center compiles statistics on a quarterly basis that are relevant to researchers, reporters, and others interested in consumer credit and payments. The statistics are divided into two sections: 1) Consumer Credit Snapshot, which contains data on consumer debt, credit performance, and supply and demand of credit, and 2) Consumer Payments Snapshot, which includes statistics on credit and debit cards and other noncash payments, as well as families' revolving credit. There is a brief description of the data and a link to the source above the corresponding tables and graphs. All of the data are publicly available, and the statistics are current as of June 2014.

You can also download the complete data set as an Excel spreadsheet. Excel (148 KB)

Consumer Debt

Aggregate Indebtedness of Consumers

Total consumer credit outstanding is broken down into two categories in the "G.19" report: revolving and nonrevolving credit. The "G.19", a Federal Reserve report covering consumer credit, is released around the fifth business day of each month. The report contains statistics for the amounts of outstanding credit among several major holders of consumer credit. Also included are the terms of credit across a variety of institutions and types of loans.

Access at: http://www.federalreserve.gov/releases/g19/current/ External Link

Consumer Credit (G.19)
(EOP, SA, $Bil.)
2007
2008
2009
2010
2011
2012
2013 
Q1.14 
Total Outstanding
$2,615.7
$2,650.6
$2,552.8
$2,647.4
$2,755.9
$2,923.6
$3,097.4
$3,148.2
Revolving
$1,002.4
$1,004.7
$916.8
$840.0
$841.7
$846.7
$857.6
$861.6
Nonrevolving
$1,613.3
$1,645.9
$1,636.1
$1,807.4
$1,914.2
$2,076.9
$2,239.7
$2,286.6
Notes: Consumer credit covers most short- and intermediate-term credit extended to individuals. It includes revolving credit (credit card credit and balances outstanding on unsecured revolving lines of credit) and nonrevolving credit (such as secured and unsecured credit for automobiles, mobile homes, trailers, durable goods, vacations, and other purposes). Consumer credit excludes loans secured by real estate (such as mortgage loans, home equity loans, and home equity lines of credit).
EOP = end of period, SA = seasonally adjusted

Consumer Credit (G.19)

Consumer Debt Composition

The data used to show consumer debt composition come from two subsections of the Federal Reserve Financial Accounts of the United States (Z.1). External Link These subsections (Tables D.1 and D.3) measure debt growth and debt outstanding in several sectors. The Federal Reserve Board of Governors releases these statistics during the second week of March, June, September, and December.

Access at: http://www.federalreserve.gov/releases/z1/ External Link ; see the current release under "Debt growth, borrowing and debt outstanding tables."

Consumer Debt Composition and Growth
 
2007
2008
2009
2010
2011
2012
2013
Q1.14
Debt Outstanding (SA, $Bil)
Credit Market
$13,830.06
$13,849.63
$13,546.26
$13,214.79
$13,052.87
$12,044.22
$13,146.14
$13,199.10
Home Mortgages
$10,611.39
$10,578.95
$10,417.58
$9,912.69
$9,697.55
$9,481.74
$9,386.17
$9,351.41
Consumer Credit
$2,615.73
$2,650.65
$2,552.82
$2,647.43
$2,755.94
$2,923.61
$3,097.38
$3,148.22
Growth Rate (SAAR, %)
Credit Market
6.87
1.06
-0.09
-1.16
-0.16
1.48
1.46
2.03
Home Mortgage
7.20
0.88
-0.63
-1.77
-0.70
-0.78
-0.08
-0.89
Consumer Credit
6.01
1.35
-3.97
-0.99
4.04
6.02
5.82
6.56
Notes: Home mortgages and consumer credit will not add up to total household debt because the other four components are unpublished. The four unpublished components are municipal securities, bank loans not elsewhere classified, other loans and advances, and commercial mortgages
SA = seasonally adjusted, SAAR = seasonally adjusted annual rate
Data are on an end-of-period basis and may differ from monthly average statistics in the Board's H.6 release.

Debt Composition and Growth

Holders of Consumer Debt

The data that show the level of consumer debt held by several sectors come from two subsections of the Federal Reserve Financial Accounts of the United States (Z.1). These subsections (Tables L.218 and L.222) measure the outstandings of home mortgages and consumer credit held as assets by government and nongovernment institutions. The Federal Reserve Board of Governors releases these statistics during the second week of March, June, September, and December.

Access at: http://www.federalreserve.gov/releases/z1/ ; see under "Level tables." External Link

Holders of Consumer Debt
(NSA, $Bil)
2007
2008
2009
2010
2011
2012
2013
Q1.14
Federal Government1
Consumer Credit
$115.7
$135.1
$223.1
$356.2
$487.7
$616.8
$729.8
$770.9
Home Mortgage2
$13.7
$16.4
$22.1
$23.1
$24.0
$25.2
$25.6
$28.9
U.S.-Chartered Depository Institutions
Consumer Credit
$894.9
$965.0
$906.3
$1,185.5
$1,192.6
$1,218.6
$1,271.6
$1,246.5
Home Mortgage2
$3,068.9
$2,884.5
$2,693.4
$2,615.6
$2,538.0
$2,509.1
$2,392.8
$2,380.7
Credit Unions
Consumer Credit
$236.6
$236.2
$237.1
$226.5
$223.0
$243.6
$265.6
$269.9
Home Mortgage2
$280.2
$312.2
$316.9
$317.0
$320.5
$327.8
$345.9
$351.4
Government-Sponsored Enterprises3
Home Mortgage2
$447.9
$456.6
$433.4
$4,690.7
$4,587.7
$4,476.1
$4,548.2
$4,535.0
Issuers of Asset-Backed Securities4
Consumer Credit
$652.5
$610.2
$572.5
$50.3
$46.2
$50.0
$48.6
$46.2
Home Mortgage2
$2,212.7
$1,901.2
$1,577.6
$1,302.2
$1,109.0
$928.2
$791.2
$767.6
Finance Companies
Consumer Credit
$572.1
$554.3
$471.9
$705.0
$687.6
$679.8
$679.1
$669.9
Home Mortgage2
$493.7
$416.1
$366.0
$169.5
$149.7
$132.6
$114.7
$111.5
Notes: NSA = not seasonally adjusted
1 "Federal Government" Includes 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.
2 Mortgages on one- to four-family properties; this applies to home mortgages in all categories.
3 This sector includes FHLB, Fannie Mae, Freddie Mac, Sallie Mae, Farm Credit System, the Financing Corporation, and REFCORP.
4 This includes special-purpose vehicles established contractually to hold assets and issue debt obligations backed by the assets. These assets have been transferred off the balance sheet of the institution that originated the loan to the special-purpose vehicles.

Holders of Consumer Debt: Consumer Credit

Holders of Consumer Debt: Home Mortgage

Credit Performance

Loan Charge-Offs

The charge-off statistics released by the Federal Reserve Board are calculated from data available in the Report of Condition and Income (Call Report), which is filed each quarter by all commercial banks. Charge-off rates for any category of loan are defined as the flow of a bank's net charge-offs (gross charge-offs minus recoveries) during a quarter, divided by the average level of its loans outstanding over that quarter. Data for each calendar quarter become available approximately 60 days after the end of the quarter.

Access at: http://www.federalreserve.gov/releases/chargeoff/ External Link

Loan Charge-Offs
2007
2008
2009
2010
2011
2012
2013
Q1.14
Charge-Off Rate1 (SAAR, %)
Consumer Loans
2.48
3.53
5.49
5.90
3.62
2.54
2.17
2.02
Credit Cards
3.98
5.52
9.42
9.43
5.68
3.99
3.48
3.29
Residential Real
Estate Loans2
0.26
1.32
2.33
2.12
1.57
1.36
0.65
0.36
Net Charge-Offs3 (NSA, $ Mil)
Consumer Loans
$21,814
$34,338
$52,962
$74,346
$43,010
$30,124
$26,257
$6,240
Credit Cards
$13,254
$20,096
$34,883
$61,886
$35,017
$24,143
$21,032
$4,941
Residential Real
Estate Loans2
$5,036
$27,109
$49,028
$44,276
$32,162
$28,349
$13,382
$1,839
Source: Federal Financial Institutions Examination Council; FRB Call Report; Board of Governors of the Federal Reserve System.
Notes: SAAR = seasonally adjusted annual rate, NSA = not seasonally adjusted
Annual data are aggregated by averaging quarterly values.
1 Charge-off rate is the flow of a bank's net charge-offs (gross charge-offs minus recoveries) during a quarter divided by the average level of its loan outstanding over that quarter multiplied by 400 to express the ratio as an annual percentage rate. Charge-off loans are reported on schedule RI-B and the average levels of loans on schedule RC-K.
2 Residential real estate loans include loans secured by one- to four-family properties, including home equity lines of credit.
3 Charge-offs are the value of loans and leases removed from the books and charged against loss reserves.

Loan Charge-Off Rate

Loan Charge-Offs

Quarterly Loan Charge-Offs

Credit Card Charge-Offs: Managed Assets Basis*

This chart is derived from data available in the Report of Condition and Income (Call Report), filed each quarter by all commercial banks. The charge-off rate is calculated by dividing the sum of on- and off-balance-sheet credit card net charge-offs (gross charge-offs minus recoveries) during a quarter by the on- and off-balance-sheet total amount outstanding for the end of the previous quarter.

Charge-Offs and Charge-Off Rate for Managed Credit Card Assets

*The charge-off rate presented here may vary slightly from measures reported by the Board because the Board’s charge-off rate is calculated on the basis of average quarterly credit card assets. (http://www.federalreserve.gov/releases/chargeoff/)

Source: Federal Financial Institutions Examination Council; FRB Call Report.

Note: The on-balance-sheet net charge-offs calculation comes from the aggregation of variables RIADB514 (gross charge-offs) and RIADB515 (recoveries) from the Call Report. The total amount outstanding for on-balance-sheet assets comes from the aggregation of variable RCFDB538 from the Call Report. For off-balance-sheet assets, the calculation of net charge-offs comes from the aggregation of variables RIADB749 (gross charge-offs) and RIADB756 (recoveries) from the Call Report. The total amount outstanding for off-balance-sheet assets comes from the aggregation of variable RCFDB707 from the Call Report. The bars depict on- and off-balance-sheet charge-offs in the quarter in which they occurred. The charge-off rate is the ratio of net charge-offs realized in the quarter divided by the sum of on- and off-balance-sheet credit card assets from the end of the previous quarter.

Loan Delinquencies

The delinquency statistics presented on the Federal Reserve Board's website are calculated from data available in the Report of Condition and Income (Call Report), which is filed each quarter by all commercial banks. The delinquency rate for any loan category is the ratio of the dollar amount of a bank's delinquent loans in that category to the dollar amount of total loans outstanding in that category. Data for each calendar quarter become available approximately 60 days after the end of the quarter.

Access at: http://www.federalreserve.gov/releases/chargeoff/ External Link

Loan Delinquencies
2007
2008
2009
2010
2011
2012
2013
Q1.14
Delinquency Rate1 (SAAR, %)
Consumer Loans
3.13
3.76
4.70
4.16
3.23
2.80
2.45
2.31
Credit Cards
4.25
5.02
6.53
4.91
3.55
2.88
2.50
2.31
Residential Real
Estate Loans2
2.54
4.99
9.15
10.84
10.42
10.38
8.97
7.79
Delinquencies3 (NSA, EOP, $ Mil)
Consumer Loans
$33,737
$44,007
$46,140
$46,064
$38,725
$33,808
$31,079
$27,433
Credit Cards
$17,376
$22,935
$24,368
$27,489
$20,950
$17,564
$15,162
$13,735
Residential Real
Estate Loans2
$65,942
$145,024
$232,739
$220,391
$217,727
$215,027
$169,220
$157,909
Source: Federal Financial Institutions Examination Council; FRB Call Report; Board of Governors of the Federal Reserve System
Notes: NSA = not seasonally adjusted, EOP = end of period
Annual data are aggregated by averaging quarterly values.
1 "Delinquency Rate" is the delinquent loan/lease as a percent of end-of-period loan/lease balance.
2 Residential real estate loans include loans secured by one- to four-family properties, including home equity lines of credit.
3 Delinquent loans include those past due 30 days or more and still accruing interest, as well as those on nonaccrual status.

Loan Delinquency Rate

Loan Delinquencies

Bankruptcy

The statistics used to measure bankruptcy filings come from the Administrative Office of the United States Courts. Included are bankruptcy filings by both business and nonbusiness entities. It is also important to note the surge of bankruptcies in 2005 is due to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which took effect on October 17, 2005.

Access at: http://www.uscourts.gov/bnkrpctystats/bankruptcystats.htm External Link

Bankruptcy Filings
2007
2008
2009
2010
2011
2012
2013
Q1.14
Total
849,412
1,115,813
1,472,238
1,592,669
1,410,918
1,221,091
1,071,589
238,708
Nonbusiness
821,275
1,072,952
1,411,708
1,536,623
1,363,015
1,181,016
1,038,528
231,716
Source: Administrative Office of the United States Courts
Note: Annual data aggregated from the monthly and quarterly series do not match the annual series because the annual series includes revisions, while the monthly and quarterly series do not.

U.S. Nonbusiness Bankruptcy Filings

Credit Standards and the Demand for Credit

The data used to describe banks’ credit standards and demand for consumer loans come from two questions asked by the Senior Loan Officer Opinion Survey (SLOOS). This survey covers approximately 60 large domestic banks and 24 U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee. Questions cover changes in the standards and terms of the banks' lending and the state of business and household demand for loans, or occasionally specific topics of current interest.

Access at: http://www.federalreserve.gov/boarddocs/snloansurvey/ External Link

Banks Tightening Standards on New Cards (NSA)

Note: The height of the line in the above graph is the net percentage of banks tightening credit standards for new credit card applicants.

Banks Experiencing Increasing Demand for Consumer Loans (NSA)

Note: The height of the line in the above graph is the net percentage of banks with strengthening demand for consumer loans.

Credit at the Family Level

The data used to describe the revolving credit of families come from the Survey of Consumer Finances (SCF). The SCF is a triennial survey of the balance sheet, pension, income, and other demographic characteristics of U.S. families. The survey also gathers information on the use of financial institutions.

Access at: http://www.federalreserve.gov/pubs/oss/oss2/scfindex.html External Link

Percent of Families with a Transaction Account (%)
92
95
98
01
04
07
10
All Families
86.9
87.4
90.6
91.4
91.3
92.1
92.5
Income Percentile
Less than 20%
62.5
63.2
68.8
71.6
75.5
74.9
76.2
20-39.9%
83.9
85.2
90.3
90.3
87.3
90.1
91.1
40-59.9%
91.7
92.0
95.4
96.6
95.9
96.3
96.4
60-79.9%
97.6
97.3
98.9
99.1
98.4
99.3
98.9
80-89.9%
98.8
98.7
99.6
99.7
99.1
100.0
99.8
90-100%
98.7
99.8
100.0
99.2
100.0
100.0
99.9
Age of Family Head
35 or Younger
81.3
80.9
84.7
87.1
86.4
87.3
89.0
35-44
86.8
87.6
90.5
91.1
90.8
91.2
90.6
45-54
88.9
89.2
94.1
92.7
91.8
91.7
92.5
55-64
90.2
88.8
93.9
93.8
93.2
96.4
94.2
65-74
88.9
91.7
94.1
93.8
93.9
94.6
95.8
75 or Older
91.8
93.2
90.0
93.7
96.4
95.3
96.4
Housing Status
Homeowner
94.0
95.3
96.4
96.7
96.0
97.3
97.4
Renter or Not Homeowner
74.3
72.9
79.4
80.3
80.9
80.8
82.4
Median Value of Transaction Accounts for Families with Holdings (2010 $)
92
95
98
01
04
07
10
All Families
3,500
3,000
4,000
4,800
4,300
4,200
3,500
Income Percentile
Less than 20%
800
1,000
900
1,100
700
800
700
20-39.9%
1,700
1,800
2,000
2,200
1,700
1,700
1,500
40-59.9%
3,000
2,300
3,000
3,400
3,500
2,900
2,800
60-79.9%
4,200
3,500
5,700
6,400
7,500
6,300
5,300
80-89.9%
7,300
6,100
10,000
11,600
12,700
13,500
11,100
90-100%
23,500
18,800
24,000
31,900
32,200
38,400
35,000
Age of Family Head
35 or Younger
2,000
1,700
2,000
2,100
2,100
2,500
2,100
35-44
3,100
2,800
3,800
4,200
3,500
3,600
2,500
45-54
4,500
4,200
5,900
5,600
5,500
5,200
3,500
55-64
4,500
4,400
5,400
6,700
7,700
5,400
5,000
65-74
5,800
4,600
7,500
9,800
6,300
8,100
5,700
75 or Older
6,100
7,100
8,000
8,900
7,400
6,400
7,200
Housing Status
Homeowner
5,200
4,200
6,500
7,100
6,900
6,500
5,800
Renter or Not Homeowner
1,500
1,600
1,500
1,500
1,300
1,300
1,000

Credit Card Balance of Families by Income Percentile in 2007

Percent of Families with a Credit Card Balance (%)
92
95
98
01
04
07
10
All Families
43.7
47.3
44.1
44.4
46.2
46.1
39.4
Income Percentile
Less than 20%
23.4
26.0
24.5
30.3
28.8
25.7
23.2
20-39.9%
41.9
43.2
40.9
44.5
42.9
39.5
33.4
40-59.9%
51.9
52.9
50.1
52.8
55.1
54.8
45.0
60-79.9%
55.6
60.0
57.4
52.6
56.1
62.1
53.1
80-89.9%
53.6
61.0
53.1
50.3
57.6
55.8
51.0
90-100%
37.9
47.3
42.1
33.1
38.5
40.6
33.6
Age of Family Head
35 or Younger
51.8
54.7
50.7
49.6
47.5
48.5
38.7
35-44
50.9
55.9
51.3
54.1
58.8
51.7
45.6
45-54
48.9
56.4
52.5
50.4
54.0
53.6
46.2
55-64
37.2
43.2
45.7
41.6
42.1
49.9
41.3
65-74
32.1
30.5
29.2
30.0
31.9
37.0
31.9
75 or Older
20.1
17.5
11.2
18.4
23.5
18.8
21.7
Housing Status
Homeowner
46.6
51.1
46.2
44.4
48.8
50.1
43.1
Renter or Not Homeowner
38.6
40.3
40.0
44.3
40.4
37.3
31.8
Median Value of Credit Card Balances for Households with Holdings (2010 dollars)
92
95
98
01
04
07
10
All Families
1,500
2,100
2,300
2,300
2,500
3,100
2,600
Income Percentile
Less than 20%
800
1,000
1,300
1,200
1,200
1,000
1,000
20-39.9%
1,200
1,700
1,600
1,500
2,100
1,900
1,500
40-59.9%
1,400
2,100
2,500
2,500
2,500
2,500
2,200
60-79.9%
2,200
2,200
2,900
2,800
3,500
4,200
3,100
80-89.9%
2,300
2,800
2,700
4,600
3,100
5,800
5,900
90-100%
3,400
4,000
4,000
3,400
4,600
7,900
8,000
Age of Family Head
35 or Younger
1,400
1,800
2,000
2,500
1,700
1,900
1,600
35-44
1,800
2,700
2,700
2,500
2,900
3,700
3,500
45-54
2,300
2,800
2,400
2,800
3,300
3,800
3,500
55-64
1,500
1,800
2,700
2,300
2,500
3,800
2,800
65-74
1,200
1,100
1,500
1,200
2,500
3,100
2,200
75 or Older
800
500
900
900
1,200
800
1,800
Housing Status
Homeowner
1,700
2,100
2,700
2,600
2,900
3,800
3,400
Renter or Not Homeowner
1,400
1,700
1,700
1,500
1,700
1,400
1,300

Credit Card Balance of Families by Income Percentile in 2007

Debtors with Payment-to-Income Ratio Greater Than 40 Percent (%)
92
95
98
01
04
07
10
All Families
11.4
11.7
13.6
11.8
12.3
14.8
13.8
Income Percentile
Less than 20%
27.1
27.4
29.8
29.3
26.8
26.9
26.1
20-39.9%
16.0
18.0
18.3
16.6
18.6
19.5
18.6
40-59.9%
10.8
9.9
15.9
12.3
13.8
14.5
15.4
60-79.9%
8.2
7.7
9.8
6.5
7.3
12.9
11.0
80-89.9%
3.5
4.7
3.5
3.5
2.6
8.2
5.3
90-100%
2.4
2.3
2.8
2.0
1.5
3.8
2.9
Age of Family Head
35 or Younger
11.1
12.1
12.9
12.0
12.8
15.1
11.6
35-44
12.2
9.9
12.5
10.1
12.4
12.8
16.4
45-54
10.5
12.3
12.8
11.6
13.3
16.3
15.5
55-64
14.6
15.1
14.0
12.3
10.3
14.5
13.0
65-74
7.4
11.3
18.1
14.7
11.6
15.6
12.1
75 or Older
12.0
7.4
21.4
14.6
10.7
13.9
11.9
Housing Status
Owner
14.5
14.3
16.5
14.7
15.0
18.1
17.1
Renter or Not Homeowner
4.9
5.8
6.5
4.2
4.3
5.4
5.0
Note: The payment-to-income ratio reflects the sum of family debt payments divided by the household income.
Debtors with Any Payment Past Due 60 Days or More (%)
92
95
98
01
04
07
10
All Families
6.0
7.1
8.1
7.0
8.9
7.1
10.8
Percentile of income
Less than 20%
11.0
10.4
13.0
13.4
15.9
15.1
21.2
20-39.9%
9.3
10.2
12.4
11.7
13.8
11.5
15.2
40-59.9%
6.9
8.8
10.0
7.9
10.4
8.3
10.2
60-79.9%
4.4
6.6
5.9
4.0
7.1
4.1
8.8
80-89.9%
1.8
2.8
3.9
2.6
2.3
2.1
5.4
90-100%
1.0
1.0
1.6
1.3
0.3
0.2
2.1
Age of Family Head
35 or Younger
8.3
8.8
11.1
11.9
13.7
9.4
10.4
35-44
6.8
7.7
8.4
5.9
11.7
8.6
15.7
45-54
5.4
7.4
7.4
6.2
7.6
7.3
12.6
55-64
4.7
3.2
7.5
7.1
4.2
4.9
8.4
65-74
1.0
5.3
3.1
1.5
3.4
4.4
6.1
75 or Older
1.8
5.4
1.1
0.8
3.9
1.1
3.2
Housing status
Owner
3.6
5.1
6.1
4.3
5.6
4.8
8.7
Renter or Not Homeowner
11.2
11.6
12.9
14.0
18.6
13.5
16.6

Maps of Local Credit Quality

The Federal Reserve Bank of New York publishes regional information on consumer credit conditions addressing mortgage delinquency and foreclosure issues. The U.S. Credit Conditions section offers interactive maps and data on auto and student loan delinquencies and mortgage "roll" rates. These features complement existing maps and spreadsheets on mortgage foreclosures and delinquencies, measures of subprime and alt-A mortgages, and bank credit card delinquencies. The data are available at the state and county level.

Access at: http://data.newyorkfed.org/creditconditions/ External Link

Noncash Payments

The data used to describe noncash payments come from the 2007 and the 2010 editions of the Federal Reserve Payments Studies, and data for 2012 are from the initial data release of the 2013 Federal Reserve Payments Study. The Federal Reserve Payments Study is a triennial survey of the payments industry first conducted in 2001. These studies are part of a Federal Reserve System effort to track noncash payments in the United States, and they reflect the efforts of hundreds of organizations across the country.

Access at: http://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf PDF External Link

Noncash Payments
20033
2006
20093
2012
Volume
(Bil)
Value
($Tril)
Volume
(Bil)
Value
($Tril)
Volume
(Bil)
Value
($Tril)
Volume
(Bil)
Value
($Tril)
Total Noncash Payments
81.40
$67.60
95.20
$75.70
108.10
$72.20
122.80
$79.00
Checks (Paid)1
37.30
$41.20
30.50
$41.60
24.50
$31.60
18.30
$26.00
Debit Card
15.60
$0.63
25.00
$1.00
37.50
$1.40
47.00
$1.80
   Signature
10.30
$0.40
15.70
$0.60
23.40
$0.90
30.10**
***
   PIN
5.30
$0.20
9.40
$0.40
14.50
$0.60
16.90**
***
Prepaid Card2
 
 
3.30
$0.08
5.90
$0.14
9.20
$0.22
   EBT*
0.80
*
1.10
$0.03
2.00
$0.05
***
***
Credit Card
19.00
$1.70
21.70
$2.10
21.00
$1.90
26.20
$2.50
ACH
8.80
$24.10
14.60
$31.00
19.10
$37.20
22.10
$48.40
Source: 2013, 2010 and 2007 Federal Reserve Payments Studies
1 Nominal values of checks (paid) increased (displayed in the table). However, in constant dollars the value of checks (paid) showed a growth rate of -2.5 percent per year.
2 Revisions made to the 2007 and 2010 studies recategorized prepaid cards so as not to include them with debit card estimates
3 2003 and 2009 values are updated to include new information from the 2013 study.
*Values too small to display. The value of EBT payments was $22 billion in 2003 and $30 billion in 2006.
**Volumes are estimated using the percentage of PIN transactions out of general purpose debit cards mentioned in the initial data release of the 2013 Federal Reserve Payments Study (p.18).
***Values not included in the initial data release of the 2013 Federal Reserve Payments Study.

Noncash Payments Volume (Bil)

* Values estimated from the percentage of PIN transactions out of the general purpose debit category mentioned in the initial data release of the 2013 Federal Reserve Payments Study (p.18).

Noncash Payments Value ($ Tril)

Noncash Payments Value ($ Tril)

Unauthorized Transactions

The 2012 data used to describe unauthorized transactions come from the initial data release of the 2013 Federal Reserve Payments Study. The Federal Reserve Payments Study is a triennial survey of the payments industry first conducted in 2001. An unauthorized transaction is a transaction made or attempted by an individual who is not authorized by the accountholder or cardholder to use a payment instrument (e.g., ACH, check, credit card, or debit/ATM card) to purchase goods and services, initiate funds transfers, or withdraw cash from an ATM.

Access at: http://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf PDF External Link

Unauthorized Transactions in 2012
Instrument/ Method
Number
Value
Unauthorized
(million)
Total
(billion)
Rate
(bps)
Unauthorized
($billion)
Total
($trillion)
Rate
(bps)
All Fraud Types
31.1
120.1
2.59
$6.1
$79.2
0.78
  All GP Cards
28.7
79.6
3.60
$4.0
$4.8
8.27
    GP credit card
13.5
23.8
5.68
$2.2
$2.2
10.14
      Card-present
6.7
18.0
3.72
$1.1
$1.2
9.16
      Card-not-present
6.8
5.8
11.82
$1.1
$1.0
11.38
    GP debit, prepaid, and ATM
15.2
55.8
2.72
$1.7
$2.6
6.67
      GP debit and prepaid
13.9
50.1
2.78
$1.5
$1.9
7.58
        Signature
13.1
32.2
4.08
$1.3
$1.2
11.17
          Card-present
7.4
26.1
2.83
$0.9
$0.8
11.32
          Card-not-present
5.7
6.0
9.48
$0.5
$0.4
10.91
        PIN
0.8
17.9
0.45
$0.1
$0.7
1.71
      ATM withdrawals
1.3
5.8
2.18
$0.3
$0.7
4.07
    ACH
1.6
22.1
0.72
$1.2
$48.4
0.24
      ACH credits
0.5
9.0
0.58
$0.4
$29.2
0.13
      ACH debits
1.1
13.2
0.82
$0.8
$19.2
0.41
    Check
0.8
18.3
0.45
$1.0
$26.0
0.39
Source: 2013 Federal Reserve Payments Study
Figures may not add due to rounding.
GP denotes general-purpose.
Bps denotes basis points; these are the number of unauthorized transactions per 10,000 transactions or the value of unauthorized transactions per $10,000 spent. One hundred basis points equal 1 percent.

Number of Unauthorized Transactions in 2012

Value of Unauthorized Transactions in 2012

Source: 2013 Federal Reserve Payments Study
GP denotes general-purpose.
Average Values of Unauthorized Transactions in 2012 ($)
GP credit card
GP debit card
ATM withdrawals
ACH
Check
$138
$105
$217
$730
$1,221
Source: 2013 Federal Reserve Payments Study
GP denotes general-purpose.
Debit card includes prepaid cards.

Rate of Third-party fraud in 2012

Source: 2013 Federal Reserve Payments Study
GP denotes general-purpose
Basis points are the number of unauthorized transactions per 10,000 transactions or the value of unauthorized transactions per $10,000 spent. One hundred basis points equal 1 percent.

Rate of Unauthorized General-Purpose Card Transactions in 2012

Source: 2013 Federal Reserve Payments Study
GP denotes general-purpose
Basis points are the number of unauthorized transactions per 10,000 transactions or the value of unauthorized transactions per $10,000 spent. One hundred basis points equal 1 percent.
Variation between type of payment instrument is represented by color, while variation between type of payment initiation is represented by shape. The 45 degree line is a collection of points where the rate of volume and the rate of value are equal in terms of basis points.

Checks

The data used to describe checks come from the 2007 and 2010 Federal Reserve Payments Studies, and data for 2012 are from the initial data release of the 2013 Federal Reserve Payments Study. Also used to describe checks is data from the 2010 Federal Reserve Check Sample Study. The Federal Reserve Payments Study is a triennial survey of the payments industry first conducted in 2001. These studies are part of a Federal Reserve System effort to track noncash payments in the United States, and they reflect the activities of financial institutions, networks, and other providers of payment services across the country. The 2010 Depository Institution Study is a random sample of depository institutions that collects the number and value of different types of payments and contributes to the estimates of total checks written. The 2010 Check Sample Study is a random sample of checks processed by 11 large commercial banks used to estimate the distribution of checks among various counterparties.

Access at: http://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf PDF External Link

Checks Paid by Type of Depository Institution
20031
2006
20091
2012
Number
(Bil)
Value
($Tril)
Number
(Bil)
Value
($Tril)
Number
(Bil)
Value
($Tril)
Number
(Bil)
Value
($Tril)
Total
37.3
$41.2
30.5
$41.6
24.5
$31.6
18.3
$26.0
Commercial Banks
29.7
$38.4
25.0
$39.0
20.7
$29.2
***
***
Credit Unions
4.2
$0.9
2.8
$0.8
2.1
$0.7
***
***
Savings Institutions
3.0
$1.5
2.3
$1.6
1.3
$1.3
***
***
Source: 2007, 2010, and 2013 Federal Reserve Payments Studies
12003 and 2009 values are updated to include new information from the 2013 study.
***Values are not included in the initial data release of the 2013 Federal Reserve Payments Study.

Check Volume and Value

Distribution of Checks by Dollar Amount in 2009
Dollar Amount Range
Distribution
$0.01-$50
31%
$50.01-$100
16%
$100.01-$500
32%
$500.01-$1000
9%
$1000.01-$2500
6%
$2500.01-$5000
2%
$5000.01 +
3%
Source: 2010 Federal Reserve Check Sample Study
Notes: The distributions have up to a 0.5 percent margin of error and may not add to 100 percent.

Distribution of Checks by Dollar Amount (2009)

2013 Federal Reserve Payments Study
Distribution of the Number of Checks by Counterparty
Counterparty
2006
2009
2012
C2B
51%
44%
46%
C2C
7%
9%
12%
B2B
25%
28%
28%
B2C
17%
19%
15%
Source: 2013 Federal Reserve Payments Study
Definitions:
C2B: Consumer to Business
C2C: Consumer to Consumer
B2B: Business to Business
B2C: Business to Consumer
Distribution of the Value of Checks by Counterparty in 2009
Counterparty
Distribution
C2B
13.1%
C2C
4.1%
B2B
66.4%
B2C
16.4%
Unknown*
0.0%
Source: 2010 Federal Reserve Payments Study
*Unknown includes all counterparty combinations w here either the payer, payee, or both the payer and payee are an unknown/indeterminate classification.
Definitions:
C2B: Consumer to Business
C2C: Consumer to Consumer
B2B: Business to Business
B2C: Business to Consumer

Credit Cards

The data used to describe credit cards come from the 2007 and 2010 Federal Reserve Payments Studies, and data for 2012 are from the initial data release of the 2013 Federal Reserve Payments Study. Also used to describe credit cards is data from The Nilson Report, a twice-monthly newsletter from a firm in Carpinteria, CA. These studies are part of a Federal Reserve System effort to track noncash payments in the United States, and they reflect the efforts of hundreds of organizations across the country. The statistics for the number of cards and cardholders are from The Nilson Report. The values for years prior to 2008 are as reported in the Statistical Abstract of the United States. The more recent values were obtained directly from The Nilson Report.

Access at:

Credit Card Volume, Value and Average Value
20031
2006
20091
2012
Volume
(Bil)
Value
($Tril)
Avg. Value ($)
Volume
(Bil)
Value
($Tril)
Avg. Value ($)
Volume
(Bil)
Value
($Tril)
Avg. Value ($)
Volume
(Bil)
Value
($Tril)
Avg. Value ($)
Total
19.0
$1.7
$89
21.7
$2.1
$98
21.0
$1.9
$89
26.2
$2.5
***
General Purpose
15.2
$1.4
$93
19.0
$1.9
$99
19.5
$1.7
$87
23.8
$2.2
93
Private Label
3.8
$0.3
$72
2.8
$0.3
$92
1.5
$0.2
$119
2.4
$0.3
111
Source: 2007, 2010, and 2013 Federal Reserve Payments Studies
12003 and 2009 values are updated to include new information from the 2013 study.
***Values are not included in the initial data release of the 2013 Federal Reserve Payments Study.
Figures may not add due to rounding.

Credit Card Transactions and Dollar Value

Distribution of General-Purpose Credit Card Payments in 2009
Number (Bil)
% of Total
Value (Bil)
% of Total
<$5
2.1
10.7%
$4
0.3%
$5.00-$14.99
3.7
18.5%
$36
2.1%
$15-$24.99
2.9
14.5%
$57
3.3%
$25+
11.2
56.3%
$1,624
94.4%
Source: 2010 Federal Reserve Payments Studies
Credit Cardholders and Number of Cards
Type of Card
2000
2008
2011
2016 proj.
Cardholders1 (Mil)
Cards (Mil)
Cardholders1 (Mil)
Cards (Mil)
Cardholders1(Mil)
Cards (Mil)
Cardholders1(Mil)
Cards (Mil)
Total
159
1,425
176
1,440
156
988
176
1,147
Visa
93
255
108
302
99
234
117
299
MasterCard
86
200
100
263
77
176
81
201
Discover/Amex
59
83
78
111
78
110
102
137
Store
114
597
114
539
96
317
106
377
Oil Company
76
98
62
65
37
39
36
39
Other2
133
192
118
160
88
113
80
95
Source: The twice-monthly Nilson Report, Carpinteria, CA (used with permission)
1 Cardholders may hold more than one type of card.
2 Includes Universal Air Travel Plan (UATP), phone cards, automobile rental, and miscellaneous cards; credit card purchase volume excludes phone cards.

Number of Credit Cards and Cardholders

Source: The Nilson Report, a twice-monthly newsletter based in Carpinteria, CA (used with permission)

Credit Card Rates

The data used to describe credit card interest rates and the rates of return to credit card banks come from the "Report to Congress on the Profitability of Credit Card Operations of Depository Institutions" provided by the Board of Governors of the Federal Reserve System. This report is transmitted to Congress annually and is based mainly on the Call Report, the Quarterly Report of Credit Card Interest Rates, and the Survey of Terms of Credit Card Plans. The Board released the data in this report in June.

Access at: http://www.federalreserve.gov/pubs/reports_other.htm External Link (see "Profitability of Credit Card Operations of Depository Institutions")

Interest Rate on Revolving Credit Cards (%)
Q1
Q2
Q3
Q4
Avg
2003
12.85%
12.82%
13.11%
12.91%
12.92%
2004
12.41%
12.93%
13.60%
13.92%
13.22%
2005
14.13%
14.81%
14.75%
14.48%
14.54%
2006
14.38%
14.77%
14.67%
15.09%
14.73%
2007
14.64%
14.47%
15.24%
14.35%
14.68%
2008
13.77%
13.51%
13.64%
13.36%
13.57%
2009
13.54%
14.43%
14.90%
14.37%
14.31%
2010
14.67%
14.48%
14.22%
13.67%
14.26%
2011
13.44%
13.06%
13.08%
12.78%
13.09%
2012
13.04%
12.76%
13.21%
12.81%
12.96%
2013
13.01%
12.76%
13.11%
12.89%
12.94%
Source: Board of Governors of the Federal Reserve System, Quarterly Report of Credit Card Interest Rates

Average Interest Rate on Revolving Cards

Return on Assets at Large U.S. Credit Card Banks (%)
 
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Return
3.28
3.66
3.55
2.85
3.34
2.75
1.43
-3.01
2.36
5.25
4.66
Note: Credit card banks are commercial banks with average managed assets (loans to individuals, including securitizations) greater than or equal to $200 million with a minimum 50 percent of assets in consumer lending and 90 percent of consumer lending in the form of revolving credit. Profitability of credit card banks is measured as net pretax income as a percentage of average quarterly outstanding balances.
Source: Report of Condition and Income (Call Report)

Debit Cards

The data used to describe debit cards come from the 2007 and 2010 Federal Reserve Payments Studies, and data for 2012 are from the initial data release of the 2013 Federal Reserve Payments Study. Also used to describe debit cards is data from The Nilson Report, a twice-monthly newsletter from a firm based in Carpinteria, CA. The Federal Reserve Payments Study is a triennial survey of the payments industry first conducted in 2001. These studies are part of a Federal Reserve System effort to track noncash payments in the United States, and they reflect the efforts of hundreds of organizations across the country. The statistics for the number of cards and cardholders are from The Nilson Report. The values for years prior to 2008 are as reported in the Statistical Abstract of the United States. The more recent values were obtained directly from The Nilson Report.

Access at:

Debit Card Volume, Value, and Average Value
20031
2006
20091
2012
Number
(Bil)
Value ($Bil)
Avg. Value ($)
Number
(Bil)
Value
($Bil)
Avg. Value ($)
Number
(Bil)
Value
($Bil)
Avg. Value ($)
Number
(Bil)
Value
($Bil)
Avg. Value ($)
Total
15.6
$600
$40
25.0
$1,000
$39
37.5
$1,400
$37
47.0
$1,800
$39
Signature
10.3
$400
$42
15.7
$600
$40
23.4
$900
$37
30.1**
***
***
PIN
5.3
$200
$38
9.4
$300
$37
14.5
$600
$39
16.9**
***
***
Source: 2007, 2010, and 2013 Federal Reserve Payments Studies
12003 and 2009 values are updated to include new information from the 2013 study.
**Volumes are estimated using the percentage of PIN transactions out of general-purpose debit cards mentioned in the initial data release of the 2013 Federal Reserve Payments Study (p.18).
***Values are not included in the initial data release of the 2013 Federal Reserve Payments Study.
Figures may not add due to rounding.

Debit Card Volume and Dollar Value

Debit card value broken down by signature and PIN card type is not provided in the initial data release of the 2013 Federal Reserve Payments Study.

Distribution of General-Purpose Signature Debit Card Payments in 2009
Number (Bil)
% of Total
Value (Bil)
% of Total
<$5
3.6
15.4%
$10
1.1%
$5.00-$14.99
7.3
31.3%
$70
7.9%
$15-$24.99
4.0
17.3%
$80
9.1%
$25+
8.4
36.0%
$700
81.9%
Source: 2010 Federal Reserve Payments Studies
Distribution of General-Purpose PIN Debit Card Payments in 2009
Number (Bil)
% of Total
Value (Bil)
% of Total
<$5
1.3
8.7%
$4
0.7%
$5.00-$14.99
3.5
24.1%
$34
5.6%
$15-$24.99
2.6
17.7%
$51
8.4%
$25+
7.2
49.5%
$512
85.3%
Source: 2010 Federal Reserve Payments Studies
Debit Card Holders and Number of Cards
Type of Card
2000
2008
2011
2016 proj.
Cardholders1 (Mil)
Cards (Mil)
Cardholders1(Mil)
Cards (Mil)
Cardholders1(Mil)
Cards (Mil)
Cardholders1(Mil)
Cards (Mil)
Total2
160
235
181
591
188
594
203
670
Signature3
137
137
274
449
288
547
316
607
PIN4
159
223
180
276
187
286
200
315
Other5
11
11
12
12
15
15
27
27
Source: The twice-monthly Nilson Report, Carpinteria, CA (used with permission)
1 Cardholders may hold more than one type of card. Bank cards and EFT cards are the same pieces of plastic that carry multiple brands. The total card figure shown does not include any duplication.
2 Total number of cards outstanding excludes the number of prepaid cards listed in The Nilson Report.
3 “Signature Debit” is defined by Nilson as bank cards or Visa and MasterCard debit cards. For 2006 and later, this includes Interlink and Master Card PIN debit.
4 “PIN Debit” is defined by Nilson as EFT cards issued by financial institution members of regional and national switches such as Star, Interlink, Pulse, Nyce, etc.
5 Retail cards are included such as those issued by supermarkets

Number of Debit Cards and Cardholders

Source: The Nilson Report, a twice-monthly newsletter, Carpinteria, CA (used with permission)

Prepaid Cards

The data used to describe prepaid cards come from the 2007 and 2010 Federal Reserve Payments Studies, and data for 2012 are from the initial data release of the 2013 Federal Reserve Payments Study. The Federal Reserve Payments Study is a triennial survey of the payments industry first conducted in 2001. These studies are part of a Federal Reserve System effort to track noncash payments in the United States, and they reflect the efforts of hundreds of organizations across the country.

Access at: http://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf PDF External Link

Prepaid Card Volume, Value, and Average Value
 
2006
2009
2012
Number
(Bil)
Value
($Bil)
Avg. Value ($)
Number
(Bil)
Value
($Bil)
Avg. Value ($)
Number
(Bil)
Value
($Bil)
Avg. Value ($)
Total
3.3
$80
$23
6.0
$140
$24
9.2
$0.2
***
Private Label1
1.9
$30
$18
2.7
$40
$17
6.1
$0.1
$20
General Purpose
0.3
$10
$41
1.3
$40
$33
3.1
$0.1
$33
EBT
1.1
$30
$27
2.0
$50
$28
***
***
***
Source: 2010 and 2013 Federal Reserve Payments Studies
1The private label category includes EBT cards in the initial data release of the 2013 Federal Reserve Payments Study.
***Values not included in the initial data release of the 2013 Federal Reserve Payments Study.
Figures may not add due to rounding.

Prepaid Card Volume and Dollar Value

Distribution of Open Loop Prepaid Card Payments in 2009
Number (Bil)
% of Total
Value (Bil)
% of Total
<$5
0.2
18.8%
$1
1.6%
$5.00-$14.99
0.4
32.4%
$4
8.9%
$15-$24.99
0.2
15.9%
$4
9.3%
$25+
0.4
32.9%
$34
80.2%
Source: 2010 Federal Reserve Payments Studies.

ACH

The data used to describe automated clearing house (ACH) payments come from quarterly statistical reports published publicly by NACHA, the Electronic Payments Association. NACHA is a not-for-profit that oversees the ACH network. In NACHA’s quarterly reports, it publishes the breakdown of ACH transactions from the previous quarter and tracks growth.

Access at: http://www.nacha.org/c/ACHntwkstats.cfm External Link

ACH Transactions and Dollar Value (not including “on-us” transactions)
(Mil)
2007
2008
2009
2010
2011
2012
2013
Q1.14
CIE1
133
127
119
138
156
168
176
43
PPD Debits2
2,611
2,741
2,770
2,833
2,933
3,080
3,232
831
PPD Credits3
4,021
4,333
4,545
4,710
4,879
5,143
5,420
1,389
RCK4
20
16
12
8
7
6
5
1
TEL5
335
347
344
354
367
349
378
102
WEB6
1,737
2,078
2,280
2,449
2,680
2,953
3,278
846
Total ACH Transactions (Mil)7
13,972
14,961
15,257
15,617
16,079
16,750
17,552
4,481
Total ACH Value ($ Tril)
$28.54
$26.90
$29.59
$31.70
$33.90
$36.90
$38.70
$9.80
Source: NACHA, the Electronic Payments Association
1 CIE = Customer Initiated Entry: A credit entry is initiated by an individual and is used to pay some sort of obligation.
2 PPD Debits = Prearranged Payments and Deposit Debit Application: This is a transfer of funds into a consumer account at the Receiving Depository Financial Institution.
3 PPD Credit = Prearranged Payments and Deposit Credit Application: Authority is granted by the consumer to companies with billing operations to initiate one time or periodic charges to his or her account as bills become due.
4 RCK = Re-presented Check: An ACH debit application is used by originators to re-present a check that has been processed through the check collections system and returned because of insufficient or uncollected funds.
5 TEL = Telephone Authorized Entry: Oral authorization is obtained solely via the telephone.
6 WEB = Internet Authorized Entry: Authorization is obtained solely via the Internet.
7 The total ACH transactions and value include all commercial inter-bank and government transactions, but not "on-us" transactions, and are larger than the total of the entry types included.

ACH Transactions

*According to the 2010 Federal Reserve Payments Study, “on-us” ACH transactions increased from 2.3 billion in 2006 to 3.7 billion in 2009.
**Note: Bar height does not include all components of total ACH transactions.

Adoption of Payments by Households

The data used to describe the adoption of payments by households come from tables in an article by Loretta Mester published in the Federal Reserve Bank of Philadelphia’s Business Review. These tables are based on the Survey of Consumer Finances (SCF) as well as the author's calculations. The SCF is a triennial survey of the balance sheet, pension, income, and other demographic characteristics of U.S. families. The survey also gathers information on the use of financial institutions.

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Adoption of Payments by Households (%)
1995
1998
2001
2004
2007
2010
ATM
62.5
67.4
69.8
74.4
79.7
83.4
Debit Card
17.6
33.8
47.0
59.3
67.0
78.4
Direct Deposit
46.7
60.5
67.3
71.2
74.9
75.9
Automatic Bill Paying
21.8
36.0
40.3
47.4
45.5
48.3
Note: The percentages reported are based on the population-weighted figures using the revised Kennickell-Woodburn consistent weights for each year. (For further discussion, see the Survey of Consumer Finances codebooks at www.federalreserve.gov/pubs/oss/oss2/scfindex.html.) External Link This exhibit reports percentages for all households.
1 The questions on ATMs and smart cards asked whether any member of the household had an ATM card or a smart card, not whether the member used it. The other questions asked about usage. The question on smart cards was dropped after the 2001 survey.

Adoption of Payments by Households

Survey of Consumer Payment and Choice

As described on its website, the Federal Reserve Bank of Boston publishes the "Survey of Consumer Payment Choice" (SCPC), which develops comprehensive, publicly available data on consumer payment behavior. The 2010 SCPC is a nationally representative survey of consumer payment behavior developed by the Consumer Payments Research Center of the Boston Fed and implemented by the RAND Corporation with its American Life Panel. The primary purpose of the 2010 SCPC is to publish and document the aggregate statistics obtained from the data to help researchers learn how consumers choose among payment instruments, including cash. The 2010 SCPC report contains detailed tables providing a view of consumers' behavior regarding paper instruments, payment cards, as well as electronic instruments. The data are based on the half-hour, Internet-based survey administered by the RAND Corporation to a sample of U.S. consumers drawn from its American Life Panel.

Access at: http://www.bostonfed.org/economic/rdr/2013/rdr1302.htm External Link

  • Last update: July 14, 2014