S&P Dow Jones Indices and Experian released today data through November 2021 for the S&P/Experian Consumer Credit Default Indices. The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate fell one basis point to 0.37%. The bank card default rate dropped seven basis points to 1.94%. The auto loan default rate was up six basis points to 0.44% while the first mortgage default rate was unchanged at 0.26%.
Two of the five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. New York had the largest decline, down six basis points to 0.30%, while Dallas fell one basis point to 0.49%. Miami and Chicago were unchanged at 0.73% and 0.45% respectively. Los Angeles was the only MSA which increased, up four basis points to 0.34%.
