NEW YORK, September 20, 2022: S&P Dow Jones Indices and Experian released today data through August 2022 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 was unchanged at 0.57%. The bank card default rate fell three basis points to 2.41%. The auto loan default rate was six basis points higher at 0.72% while the first mortgage default rate was unchanged at 0.42%.
Three of the five major metropolitan statistical areas ("MSAs") showed higher default rates compared to last month. Dallas had the largest increase, up seven basis points to 0.69%. Miami and Chicago each rose three basis points, to 1.16% and 0.70% respectively. New York and Los Angeles each dropped seven basis points, to 0.58% and 0.45% respectively.
The table below summarizes the August 2022 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.