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%.
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