ATLANTA, Sept. 27, 2013 (GLOBE NEWSWIRE) -- According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, the total outstanding balances on auto and credit card loans increased year-over-year in August 2013. For bank-issued credit cards, it is the first time in five years that balances increased in two consecutive months, while retail card balances have notched 24 consecutive months of year-over-year growth. The total balance of existing auto loans is at its highest level in more than five-years. Year-over-year changes in balances August 2012-2013 include:
- Auto: increased 9.7% (from $760.8 billion to $834.4 billion);
- Bank credit card: increased 0.2% (from $537.0 billion to $537.8 billion); and
- Retail credit card: increased 7.0% (from $51.9 billion to $55.9 billion)
- Auto: decreased more than 10% (from 1.28% to 1.14%);
- Bank credit card: decreased more than 13% (from 2.10% to 1.81%); and
- Retail credit card: decreased 0.9% (from 3.37% to 3.34%)
Other highlights from the most recent Equifax data include:Auto:
- The total number of loans outstanding in August 2013 is more than 61 million, a 57-month high;
- By source, loans funded by banks, savings and loans or credit unions are at $401.7 billion, while the total number of loans is 29.5 million – a five-year high for both;
- The total outstanding balance for loans funded by auto finance companies is $432.7 billion, a 56-month high, while the total number of existing loans is more than 31.8 million, its highest level in 54-months; and
- The total balance of auto loan originations year-to-date in June 2013 is 237.6 billion, an increase of nearly 15% from same time a year ago and the most new credit originated for that time period in more than eight years.
- At $93.3 billion, the total limit of new credit issued between January-June 2013 is a five-year high for that year-to-date period and an increase of more than 68% over the recession low of $55.5 billion for the same time during 2010;
- The total number of new loans year-to-date in June 2013 is 20.1 million, a five-year high and an increase of 6.3% from same time a year ago;
- The total number of existing loans is more than 310 million, a 43-month high; and
- The total bank card credit limit is more than $2.4 trillion, a 43-month high.
- At $34.2 billion, the total limit of new credit issued through June of 2013 is an increase of nearly 33% over the recession low of $25.8 billion for the first 6 months of 2010;
- 18 million new loans were issued between January-June 2013, the highest since 2008, and an increase of more than 7% over the same period last year;
- Year-to-date lending through June to subprime credit borrowers, defined as those with Equifax Risk scores below 660, increased at a rate of 15% over the same time a year ago. 5.9 million loans were originated, the highest in 5 years;
- The total number of existing loans is more than 180 million; and
- The total retail card credit limit is nearly $350 billion.
- The total balance of first mortgages in August 2013 is $7.7 trillion, a decrease of 1.2% from same time a year ago;
- The total balance of first mortgage severely delinquencies (90-days past due or in foreclosure) is $300 billion, a decrease of more than 28% from same time a year ago and a five-year low;
- In August 2013, the total balance of home equity revolving loans is $500.4 billion, a decrease of 7.4% from same time a year ago and a five-year low. Similarly, the total number of loans outstanding in August is 10.5 million, a five-year low;
- The total balance of severely delinquent home equity revolving loans in August 2013 is less than $9 billion, a decrease of 25% from same time a year ago and a five-year low; and
- The total balance of home equity installment loans is $136.7 billion, a decrease of 4.2% from same time a year ago, while the total number of loans outstanding is 4 million, a five-year low.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
CONTACT: Meredith Griffanti (404) 885-8913 Meredith.Griffanti@equifax.com Demitra Wilson (404) 885-8907 Demitra.Wilson@equifax.com