Bank Card Rate Drops for the Fifth Straight Month
NEW YORK, OCTOBER 19, 2021: S&P Dow Jones Indices and Experian released today data through September 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 was unchanged at 0.39%. 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 ("MSAs") 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% while Los Angeles dropped three basis points to 0.31%. Chicago was unchanged at 0.43% and Dallas was two basis points higher at 0.43%.
The table below summarizes the September 2021 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.
