Bank Card Default Rate Lower for Fourth Consecutive Month
NEW YORK, OCTOBER 20, 2020: S&P Dow Jones Indices and Experian released today data through September 2020 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 down four basis points to 0.63%. The bank card default rate fell 45 basis points to 3.00%. The auto loan default rate rose three basis points to 0.56% and the first mortgage default rate was two basis points lower at 0.46%.
All five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. Miami showed the largest decrease , down 19 basis points to 1.80%. New York was 8 basis points lower at 0.88%, while Los Angeles fell five basis points to 0.71%. The rate for Dallas dropped three basiss points to 0.62%, while Chicago was the one basis point lower at 0.65%.
The table below summarizes the September 2020 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.