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Consumer Credit Defaults Were Down This Spring

Consumers are paying on their debts this year, according to new data from S&P Dow…

  • June 26, 2019

Consumers are paying on their debts this year, according to new data from S&P Dow Jones Indices and Experian.

The companies have released data through April 2019 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 four basis from last month, to 0.88%.

According to the report, the bank card default rate rose 15 basis points to 3.83%. The auto loan default rate was unchanged at 0.94%. The first mortgage default rate was five basis points lower at 0.65%.

Four of the major metropolitan statistical areas showed lower default rates compared to last month.

Miami showed the largest decrease, down 26 basis points to 1.32%. The default rate for New York dropped eight basis points to 0.98%, while the rate for Dallas fell seven basis points to 0.87%.

Los Angeles showed a default rate of 0.69%, down one basis point from last month. Chicago was the only city with an increase, up one basis point to 0.96%.