Auto Loan and First Mortgage at their highest since first quarter of 2020
NEW YORK, March 21, 2023: S&P Dow Jones Indices and Experian released today data through February 2023 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 six basis points higher at 0.75%. The bank card default rate was 14 basis points higher at 3.18% while the first mortgage default rate was up five basis points to 0.53%. The auto loan default rate increased one basis points to 0.95%.
Four of the five major metropolitan statistical areas (“MSAs”) showed higher default rates compared to last month. Los Angeles had the largest increase, up 14 basis points to 0.54%, while Miami rose 10 basis points to 0.96%. Dallas was up seven basis points to 0.80% and New York increased two basis points to 0.63%. Chicago was down three basis points to 0.86%.
The table below summarizes the February 2023 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.
