All Loan Types Show Lower Default Rates
NEW YORK, JULY 20, 2021: S&P Dow Jones Indices and Experian released today data through June 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 three basis points lower at 0.41%. The bank card default rate fell 18 basis points to 2.83%. The auto loan default rate was down four basis points to 0.30% and the first mortgage default rate decreased two basis points to 0.26%.
Three of the five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. Los Angeles saw the largest decrease, falling five basis points to 0.37%. New York and Chicago each dropped three basis points, to 0.43% and 0.38% respectively. Dallas was unchanged at 0.42% while Miami increased one basis point to 0.82%.
The table below summarizes the June 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.