NEW YORK, JUNE 16, 2020: S&P Dow Jones Indices and Experian released today data through May 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 12 basis points lower at 0.78%. The bank card default rate rose 17 basis points to 4.40%. The auto loan default rate dropped 10 basis points to 0.56% and the first mortgage default rate fell 14 basis points to 0.52%.
All five major metropolitan statistical areas ("MSAs") showed lower default rates compared to last month. Chicago showed the largest decrease, down 13 basis points to 0.93%. New York fell 12 basis points to 0.83%, while Miami dropped 11 basis points to 1.43%. Dallas was nine basis points lower, at 0.79% while Los Angeles fell four basis points to 0.70%.
The table below summarizes the May 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.