Bank Card Default Rate at Lowest Level Since February 2020
NEW YORK, AUGUST 18, 2020: S&P Dow Jones Indices and Experian released today data through July 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 unchanged at 0.66%. The bank card default rate fell 37 basis points to 3.86%. The auto loan default rate rose 7 basis points to 0.47% and the first mortgage default rate was 3 basis points higher at 0.44%.
Three out the five major metropolitan statistical areas (“MSAs”) showed higher default rates compared to last month. Miami showed the largest increase, up 43 basis points to 1.83%. New York was 12 basis points higher at 0.86%, while Los Angeles was up three basis points to 0.75%. Dallas fell five basis points to 0.61% and Chicago was two basis points lower at 0.67%.
The table below summarizes the July 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.
