The composite rate for the S&P/Experian Consumer Credit Default Indices was unchanged at 0.39% in September, according to S&P Dow Jones Indices and Experian. The indices were developed to represent a comprehensive measure of changes in consumer credit defaults.
The bank card default rate fell 24 basis points to 2.11%. The auto loan default rate was up one basis point to 0.35% and the first mortgage default rate was unchanged at 0.27%.
Three of the five major metropolitan statistical areas showed lower default rates compared to last month.
- Miami had the largest decline, down eight basis points to 0.80%
- New York fell four basis points to 0.40%
- Los Angeles dropped three basis points to 0.31%
- Chicago was unchanged at 0.43%
- Dallas was two basis points higher at 0.43%.